Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in October 2022 increased 1.0% (m/m) to $277.3M, following the 0.3% increase in September. The always-volatile nondefense aircraft orders, up 51.7% y/y, influenced this trend significantly.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending October 28th was 145 oil and 67 gas (totaling 212). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.7% and gas down 2.9%. On a year on year (y/y) comparison, rigs were up 48.0% for oil and down 1.5% for gas. The combined figure for y/y was +27.7% or 46 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending October 28th was 610 oil and 156 gas (totaling 766). In percentage terms, on a month on month (m/m) basis, oil rigs were up 1.0% and gas was down 1.9%. On a year on year (y/y) comparison, rigs were up 37.4% for oil and up 56.0% for gas. The combined figure for y/y was +41.2%, or +224 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in September 2022 increased 0.4% (m/m) to $274.7M, following the 1.3% increase in August. The always-volatile nondefense aircraft orders, up 47.2% y/y, influenced this trend significantly.

Crude Oil & Natural Gas Pricing: September’s average West Texas Intermediate (WTI) crude oil price per barrel decreased 10% month on month (m/m). The WTI is up 18% year on year (y/y), coming in at $84.26 / barrel in September 2022 vs. $71.65 / barrel in September 2021.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.4% in September 2022 (seasonally adjusted), following the 0.2% decrease in August. The index for final demand goods increased 0.4% in September, while the index for final demand services grew 0.4% after a 0.3% increase in August. Over a quarter of the September increase in the index for final demand services can be traced to a 6.4-percent advance in prices for traveler accommodation services.