Report published September 1, 2026
Europe Oil Services: US OCTG Prices Strengthen Again in August
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Michele Della Vigna, CFA, Yulia Bocharnikova, Anastasia Shalaeva, Quentin Marbach, Will Chen
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
US OCTG prices rose c.2% MoM in August, driven by tight spot supplies, low distributor inventories, and rising US rig counts. Goldman Sachs reiterates its Buy rating on Vallourec over Tenaris due to Vallourec's US vertical integration and valuation discount.
Key Takeaways
- 1.US OCTG spot prices increased by c.2% MoM in August, with the Pipe Logix OCTG index gaining 2.1% MoM to $2,281/st—marking its fifth consecutive monthly increase and rising c.10% since January.
- 2.Tight supply conditions are expected to persist through year-end due to constrained imports, low distributor inventories, rising costs, and ongoing antidumping investigations into Austria, Taiwan, and the UAE.
- 3.Goldman Sachs remains Buy rated on Vallourec (€28.3 PT) and Neutral on Tenaris (€27.2 / $62.9 PT), preferring Vallourec due to its vertical integration in the US and persisting EV/EBITDA valuation discount.
Table of Contents
- Europe Oil Services: US OCTG prices strengthen again in August; we are Buy rated on Vallourec
- Valuation and risks
- Vallourec
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Pipe Logix OCTG index price | 2281 $/st | Overall Pipe Logix OCTG index monthly spot price in the US |
| Seamless OCTG price | 2528 $/st | US seamless OCTG spot prices |
| Welded OCTG price | 2034 $/st | US welded OCTG spot prices |
| US drilling rig count | 588 rigs | Baker Hughes US drilling rig count |
| North America revenue exposure - Tenaris | 51% | Share of Tenaris revenue derived from North America |
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Authors / Editors
Reported Data Context
- Pipe Logix OCTG index price: 2281 $/st (2026-08) · Source: Argus Pipe Logix
- Seamless OCTG price: 2528 $/st (2026-08) · Source: Argus Pipe Logix
- Welded OCTG price: 2034 $/st (2026-08) · Source: Argus Pipe Logix
- US drilling rig count: 588 rigs (2026-08-28) · Source: Baker Hughes
- North America revenue exposure - Tenaris: 51 % (1H26)
Securities
Themes
Regions
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