Employment by Industry (U.S.): In May 2021, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 144.9 million (M) – an increase of 559,000 (+0.4%) month on month (m/m). When compared to May 2020, total employment is up by 8.9% year on year (y/y).  We saw the greatest employment gains in the service-providing and manufacturing sectors this month.

Oil and Gas Rotary Rig Counts:  The total number of operating rigs in the U.S. for the week ending May 28th was 359 oil and 98 gas (totaling 457). In percentage terms, on a month on month (m/m) basis, oil rigs were up 5.0% and gas was up 2.1%. On a year on year (y/y) comparison, rigs were up 61.7% for oil and up 27.3% for gas. The combined figure for y/y was +51.8%, or +156 rigs.

Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending May 28th was 28 oil and 34 gas (totaling 62). In percentage terms, on a month on month (m/m) basis, oil rigs were up 40% and gas up 9.7%. On a year on year (y/y) comparison, rigs were up 300% for oil and up 161.5% for gas. The combined figure for y/y was +210% or 42 rigs.

U.S. Crude Oil Pricing: May’s average West Texas Intermediate (WTI) crude oil price per barrel increased 6% month on month (m/m) – rising again after a slight dip last month. The WTI is up 128% year on year (y/y), coming in at $65.17 / barrel in May 2021 vs. $28.56 / barrel in May 2020.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in April 2021 decreased by 1.3% month on month (m/m) to $246.1M, following the 1.3% increase in March. The always-volatile nondefense aircraft orders, up 1000+% y/y, influenced this trend significantly.

U.S. Crude Oil Pricing: April’s average West Texas Intermediate (WTI) crude oil price per barrel fell 1% month on month (m/m) – its first decline since the start of 2021. However, the WTI is still up 273% year on year (y/y), coming in at $61.72 / barrel in April 2021 vs. $16.55 / barrel in April 2020.