JPM OFS and Equipment: Weekly Insights & Analytics: OCTG Fundamentals Methodically Getting Better

Research evidence excerpt

JPM OFS and Equipment: Weekly Insights & Analytics: OCTG Fundamentals Methodically Getting Better

J P M O R G A N North America Equity Research

14 July 2026

JPM OFS and Equipment

Weekly Insights & Analytics: OCTG Fundamentals

Methodically Getting Better

JPM View: This week, we take a look at updated OCTG pricing trends. Overall Oil & Gas Exploration & Production

ACdomestic throughput for OCTG is up 1% YTD (seamless up +3% YoY, welded Arun Jayaram

down -2% YoY). The June PipeLogix OCTG Index rose +1.5% m/m to $2,188/tn, (1-212) 622-8541

extending a streak of positive monthly readings (May +3.3%, April +2.6%, March arun.jayaram@jpmchase.com

+1.5%, February +0.6%), marking the first sustained positive run since August Sowmya Vemulapalli

2025. Welded pipe prices improved from $1,732/tn in January 2026 to $1,956/tn (1-212) 270-4660

by June 2026 (+2% m/m in June), while seamless pipe firmed to $2,420/tn in June sowmya.vemulapalli@jpmchase.com

(+1.1% m/m in June) from $2,255/tn in January 2026, underpinned by tightening Jason Kim

supply-demand balances, reduced imports, and stable inventory levels. Distributor (1-212) 622-1408

jason.b.kim@jpmchase.com

sentiment has also notably strengthened, as the PipeLogix Distributor Sentiment J.P. Morgan Securities LLC

Index moved to the 76-79 range from 42 in January, and the Price Outlook sub-

index reached 88-100, reflecting strong confidence in continued price

appreciation. Meanwhile, U.S. Steel and Nucor are fully booked, with Nucor Recent Thematic Work:

raising prices by $10/week, while the price differential between U.S. and 2026 OFS & Equipment Outlook

international HRC ($1,200 vs. ~$600-650) continues to incentivize imports

JPM E&P and OFS Question Bankdespite the 50% tariff rate on imported raw materials. The ongoing antidumping