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    Environment and Energy

    SMU Energy Analysis: Oil Price Sees Small Recovery

    Written by Peter Wright


    The price of West Texas Intermediate (WTI) crude oil has recovered from its recent low in December. The spot price of WTI FOB Cushing, Okla., recovered to $50.31 on Jan. 14 from its recent low of $44.48 on Dec. 27. WTI had a recent peak on Oct. 3 of $76.40 per barrel. The total number of operating rigs exploring for oil has stalled and is now two less than it was on Nov. 1.

    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. Welded tubular goods (not including OCTG) consumed about 5.5 million tons of hot rolled sheet in 2017.

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