OCTG 2H19: Rolling with the Punches

Each year in June we take the temperature of the oil patch, speaking with people from every walk of the supply chain to get a sense of the market from their perspective. This exercise inevitably yields valuable and colorful commentary on the present state of affairs. Last year could have been summed up in “232” words as discussions were almost entirely variables on the theme of the investigation. In reviewing the results of this year’s midyear market calls, one phrase best captures the sentiment for OCTG in 2H19: “rolling with the punches.” A sense of OCTG overcapacity is permeating the patch at this juncture, which is giving pause to many participants. We covered some of the more recent eve

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