Currency Report: The trade-weighted U.S. Broad Dollar Index remained relatively flat in February, posting a reading of 115.049, which follows an index value of 115.079 in January. This index value is up 2.70% on a year on year (y/y) basis.

Crude Oil & Natural Gas Pricing: February’s average West Texas Intermediate (WTI) crude oil price per barrel increased 10% month on month (m/m) – its second consecutive increase. The WTI is up 55% year on year (y/y), coming in at $91.64 / barrel in February 2022 vs. $59.04 / barrel in February 2021.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending February 25th was 138 oil and 85 gas (totaling 223). In percentage terms, on a month on month (m/m) basis, oil rigs were up 2.2% and gas up 3.7%. On a year on year (y/y) comparison, rigs were up 50.0% for oil and up 19.7% for gas. The combined figure for y/y was +37.4% or 61 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending February 25th was 522 oil and 127 gas (totaling 649). In percentage terms, on a month on month (m/m) basis, oil rigs were up 5.5% and gas was up 10.4%. On a year on year (y/y) comparison, rigs were up 68.9% for oil and up 38.0% for gas. The combined figure for y/y was +61.7%, or +248 rigs.

Employment by Industry (U.S.): In February 2022, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 150.4 million (M) – an increase of 678,000 (+0.5%) month on month (m/m). When compared to February 2021, total employment is up by 4.6% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the oil and gas extraction sector with a growth of 1.9% m/m.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand grew 1.0% in January 2022 (seasonally adjusted), following the 0.4% increase in December. The index for final demand services grew 0.7%, the same as in December while the index for final demand goods moved up by 1.3%. A major factor in the January increase in the index for final demand services was hospital outpatient care prices, which rose 1.6%.