Environment and Energy

August 18, 2017
Oil and Gas Rig Count Declines
Written by Peter Wright
In the last month, the price of crude oil has risen and the price of natural gas has declined slightly. The number of operating rigs exploring for both oil and gas has declined for three straight weeks. This is the first decline since the low point of June 27 last year. The prices of oil and natural gas drive the consumption of energy-related steel products including oil country tubular goods, pipe fittings and well head equipment, among others. A significant volume of hot rolled coil is used to make welded tubular goods.
Figure 1 shows historical oil and gas prices since January 2000.


