Crude Oil & Natural Gas Pricing: October’s average West Texas Intermediate (WTI) crude oil price per barrel increased 14% month on month (m/m) – its largest increase since February. The WTI is up 107% year on year (y/y), coming in at $81.48 / barrel in October 2021 vs. $39.40 / barrel in October 2020.

Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending October 29th was 98 oil and 68 gas (totaling 166). In percentage terms, on a month on month (m/m) basis, oil rigs were up 1.0% and gas down 4.2%. On a year on year (y/y) comparison, rigs were up 145.0% for oil and up 47.8% for gas. The combined figure for y/y was +93.0% or 80 rigs.

Oil and Gas Rotary Rig Counts:  The total number of operating rigs in the U.S. for the week ending October 29th was 444 oil and 100 gas (totaling 544). In percentage terms, on a month on month (m/m) basis, oil rigs were up 3.7% and gas was up 1.0%. On a year on year (y/y) comparison, rigs were up 100.9% for oil and up 38.9% for gas. The combined figure for y/y was +83.8%, or +248 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in September 2021 decreased by 0.4% month on month (m/m) to $261.3M, following the 1.3% increase in August. The always-volatile nondefense aircraft orders, up 1000+% y/y, influenced this trend significantly.

Employment by Industry (U.S.): In September 2021, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 147.55 million (M) – an increase of 194,000 (+0.1%) month on month (m/m). When compared to September 2020, total employment is up by 4.0% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest gains in the goods-producing and construction sectors, each growing by 0.3% this month.

Crude Oil & Natural Gas Pricing: September’s average West Texas Intermediate (WTI) crude oil price per barrel increased 6% month on month (m/m) – recovering after it dipped in August. The WTI is up 81% year on year (y/y), coming in at $71.65 / barrel in September 2021 vs. $39.63 / barrel in September 2020. By comparison, Brent crude rose 5% m/m to $74.49 / barrel in September 2021, and experienced growth of +82% y/y ($40.91 / barrel in September 2020).