Market Update
June 2019
Active U.S. rigs declined by 1.6% MoM and down 8.1%YoY per Baker Hughes. The total number of operating rigs in the U.S. the week as of June 21st was 967 with 789 oil rigs and 177 gas.
The U.S. Census Bureau reported new orders for durable goods orders declined 2.1% month on month, (m/m) in April. The slowdown was driven by exports and a buildup of inventories.
May 2019
Total number of operating rigs in the U.S. the week as of May 10th was 988, 805 oil and 183 gas. In percentage terms, on a month on month, (m/m) basis, oil rigs were down 0.2%, (-2 rigs) as gas rigs posted no change.
The Baltic Dry Index (BDI), for April 2019 increased 95 points to 775 month on month (m/m), a 14% increase. Looked at on a three month moving average, (3MMA) comparison the BDI fell 2.0% to 695 m/m. On a 3MMA year on year basis, (y/y), the BDI was 31.2% lower.
March 2019
The Consumer confidence index rolled-back 7.3 points in March according to the Conference Board. The index now stands at 124.1. Despite the decline, the index remains at elevated levels with a positive trend line.