ENERGY “At $60 a barrel of crude, it’s hard not to make money”
Jul 01, 2007 | 06:57 AM
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With strong energy prices and demand, the U.S. market for oil country tubular goods remains stable, but some analysts argue that increased import penetration and signs of softening in drilling activity could see prices flatten or decrease slightly.
The drill rig count is the primary indicator OCTG analysts follow, along with oil and natural gas prices.
"What's driving it is activity in the oil patch," said Joerg Bongers, vice president of Preston Pipe Report in Kemah, Texas. "That's all there is to it."
The number of active rigs continues to rise, and oil and natural gas prices remain at high levels, albeit slightly lower than those achieved in late 2006 and early 2007.....
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