NEW YORK Distributor selling prices for oil country tubular goods (OCTG) fell to a 27-month low in April, according to data from Pipe Logix Inc.
Average prices for all OCTG products fell to $1,681 per short ton in April, down 0.3 percent from $1,686 per ton in March, the Tulsa, Okla.-based company said. This is the lowest level seen since January 2011, when prices averaged $1,671 per ton.
Average welded OCTG prices fell 0.1 percent to $1,552 per ton in April compared with $1,554 per ton in March, while average seamless prices fell 0.5 percent to $1,810 per ton in the same comparison.
Welded N80 tubing had the steepest fall, dropping 1.9 percent to $1,680 per ton in April from $1,713 per ton in February. Seamless N80 tubing declined 1.7 percent to $2,059 per ton in the same comparison.
Welded high-collapse P (HCP) surface casing saw the biggest rise, notching a 2.8-percent gain to $1,750 per ton in April.
The rig count appears to have found a support level, averaging 1,758 active rigs for the past three months, Pipe Logix manager Kurt Minnich said in a statement.
Editor's note: This story was updated May 29, 2013. The original version incorrectly stated the months' low for OCTG prices.