OCTG Prices Still Sliding
Prices of Oil Country Tubular Goods (OCTG) continued a steady decline in an August
-- Purchasing, 9/17/2009 2:00:00 AM
Prices of Oil Country Tubular Goods (OCTG) continued a steady decline in an August market seeking equilibrium. Analysts at TD Bank say "inventory levels are still too high for current demand levels." OCTG prices averaged $1,648/ton in August, down 2% from $1,682 in July—and 49% below the $3,220 peak of last September, according to a report by Pipe Logix in Santa Fe, N.M. Note: Drilling operations have fallen so the number of rigs running in the U.S. closed August at 999.
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