Doing the Math on OCTG in Q3

As the class of “2020” reconvenes at school this month we too are putting on our thinking caps and dusting off our previous 2019 forecasts to see if they stood the test of time. Reviewing the past couple months, it’s almost as if fall descended on the oil patch in June when we detected a chill in the air during our midyear market conversations. Sadly, our below-average updated annual projections now reflect the cooling drilling activity. “Old school” conventional thinking would have range-bound oil prices in the mid-50s to low-60s all but guarantee a steady stream of OCTG demand but that notion is virtually a pipe dream in 2019. With the estranged environment that E&Ps find themselves in rel

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