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  • Writer's pictureSusan Murphy

OCTG 2023: The Beginning, ‘Muddle’, and End

The OCTG Situation Report® February 2024 State of The Industry, Photo Courtesy Tenaris
Photo Courtesy Tenaris

As we closed the chapter on another year in the US OCTG market, our Cliffs Notes version of 2023 can be summed up as, “a year with a distinct beginning, ‘muddle,’ and end.” And so began our highly coveted “Annual State of the Industry Report.” Therein, our subscribers found the inside story on the year that was, along with a host of vital metrics comparing annual OCTG stats for the past three years.

2024 isn’t even two months underway and already there are some telltale signs upon us, but are they foreshadowing or foreboding? We laid out the facts and let our savvy subscribers read between the lines.

Starting with suppliers, current sentiment seems to be a sundry of mixed emotions with a lack of any clear direction. No surprise given market fundamentals.

On one hand, the supply/demand situation has improved significantly, on the other hand you have a stalled rig count, tepid demand, questions on the imports outlook, Nat Gas pricing woes, and concerns around E&Ps urge to merge. But before we let our inner Chicken Little get the best of us, we examined each of these concerns. After all, there are two sides to every story, and you’ll find both in this month’s market intel.

All these factors combined create a bit of a cliffhanger as we move into the new year. While the tubulars market waits in limbo, there will be no shortage of drama. This doesn’t exactly lend itself to a storybook ending for the year, but we’re pretty sure 2024 will be a page-turner.

NOTE: Our monthly blog posts offer a slice of the content we publish in The OCTG Situation Report® every month. To subscribe and/or request a complimentary copy of our Report for review please visit:

Photo Courtesy Tenaris


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