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Market Update
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March 2022
Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in January 2022 increased by 1.6% month on month (m/m) to $277.4M, following the 1.2% increase in December. The always-volatile nondefense aircraft orders, up 1,144.1% y/y, influenced this trend significantly.
February 2022
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 115.0785 for January 2022 – down 0.64% month on month (m/m) – reversing trend after increasing for the past seven months. This index value is up 3.22% on a year on year (y/y) basis.
Crude Oil & Natural Gas Pricing: January’s average West Texas Intermediate (WTI) crude oil price per barrel increased 16% month on month (m/m) – its first increase in two months. The WTI is up 60% year on year (y/y), coming in at $83.22 / barrel in January 2022 vs. $52.00 / barrel in January 2021.
Employment by Industry (U.S.): In January 2022, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 149.63 million (M) – an increase of 467,000 (+0.3%) month on month (m/m). When compared to January 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 service-providing sector with a growth of 0.4% m/m.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending January 28th was 135 oil and 82 gas (totaling 217). In percentage terms, on a month on month (m/m) basis, oil rigs were up 246.2% and gas down 60.8%. On a year on year (y/y) comparison, rigs were up 37.8% for oil and up 7.9% for gas. The combined figure for y/y was +24.7% or 43 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending January 29th was 495 oil and 115 gas (totaling 610). In percentage terms, on a month on month (m/m) basis, oil rigs were up 3.1% and gas was up 8.5%. On a year on year (y/y) comparison, rigs were up 67.8% for oil and up 30.7% for gas. The combined figure for y/y was +58.9%, or +226 rigs.