Europe Oil Services US OCTG Prices and Vallourec Analysis

US Oil Country Tubular Goods (OCTG) prices rose 3-4% in May 2026 as drilling activity hit yearly highs. Goldman Sachs reiterates a Buy rating on Vallourec, preferring it over Neutral-rated Tenaris due to valuation and production upside.

Key Takeaways

• 1.US OCTG prices increased 3-4% in May, driven by rising drilling activity and declining imports.
• 2.Goldman Sachs remains Buy rated on Vallourec, citing a valuation gap versus Tenaris and higher potential to increase production.
• 3.The US drilling rig count reached 558, its highest level since June 2025.

Table of Contents

• Valuation and risks
• Tenaris
• 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

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