THE OCTG SITUATION ROOM

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 ca

While visual evidence of a massive Black Hole made headlines recently, we’re happy to report you won’t find any black holes in OCTG inventory metrics due to our exclusive quarterly Inventory Yard Surveys. This breakthrough is credited to our publication’s founder, Duane Murphy, who decided 33 years ago it was high time to resolve this gap and went about the laborious task of doing exactly that. The gravity of his work cannot be underestimated especially when you consider our

The new year got underway with a blustery winter wallop: WTI prices struggling to reach $50/bbl coupled with a government ‘meltdown.’ We trust this isn’t the writing on the wall for 2019, so rather than wallow in woe we’ll kick things off with the results of our exclusive 4Q18 OCTG Inventory Yard Survey that may help some put a little spring in their step. Published every quarter, our OCTG Inventory Yard Survey is the only one of its kind in the world. It is designed to asses

’Tis the season and it’s tradition for us to start it by ringing in our forecast of all things OCTG for 2019. As we began checking off our list of oilfield indicators in early November it appeared that our projections, starting with WTI, would be of good cheer. We were midway through our predictions when the White House threw in a lump of coal—a reprieve from Iran sanctions for eight countries—roiling oil markets on concerns of oversupply and potentially dashing our merry and

Each November we examine numerous oilfield metrics to determine what might be in the cards for the coming year. Will the deck be stacked in favor of or against OCTG in 2018? Here’s our read. On November 30, the powers that be (OPEC) met to determine whether to double down on the production quotas they curbed (first time in eight years) in a bid to support prices when they gathered last year in November. The odds were that the cuts would be extended beyond the March 2018 expir

Weather news has taken the US by storm for the past couple weeks starting with Hurricane Harvey that hit home for so many in the oil patch. While the plight of the people in its path was the first concern, many in the OFS supply chain wondered how the storm might trickle down to tubular goods. After all, the fate of OCTG this year has been balanced on a fragile ecosystem making another potential threat especially distressing. The two charts below lend further credence to this

Photo Courtesy Port of Houston Authority The past 26 months in the oil patch have run our industry through the mill, so the glimmer of light we see at the end of the tunnel sets the tone for a decidedly happier new year. Each January (and every quarter) we go to great lengths to determine if the ‘yard’ is half full or half empty. Our analysis is based on our exclusive quarterly inventory yard survey, designed to gauge demand for OCTG in the U.S. The results of our survey are

"It is a capital mistake to theorize before one has data,” ~Sherlock Holmes. Holmes clearly understood that having data to back up one’s conclusions is paramount and our quarterly OCTG inventory yard survey is further proof of this fact. This investigation and analysis is the only one of its kind in the world and serves as a bellwether of OCTG health for every segment of the supply chain. Herewith we present a piece of the puzzle that leads to our determinations. Our exclusiv

The checkered flag has been waved, signaling the results of our 2Q16 OCTG inventory yard survey are in. It is here where the rubber meets the road, suggesting descending inventory stocks are paving the way for improvements moving forward. As many of you know we pull out all the stops for our quarterly surveys: tracking demand for OCTG throughout the entire supply chain. To ensure the most accurate results we involve a crew of people who count pipe at truck terminals, mills, p