Market Update





The ˽av Market Update tracks and analyzes over 100 data streams that affect long steel consumption, attempting to provide the latest on market trends. Below, you will find the most recent information about Macroeconomics, Steel Econometrics, Construction and Manufacturing as it becomes available.

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Crude Oil & Natural Gas Pricing: April’s average West Texas Intermediate (WTI) crude oil price per barrel increased 5% month on month (m/m). The WTI is up 7% year on year (y/y), coming in at $85.35 / barrel in April 2024 vs. $79.45 / barrel in April 2023.
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 122.514 in April, up 1.22% m/m, reversing trend after decreasing last month. This index value is up 2.59% on a year on year (y/y) basis. Month over month, we saw the Euro strengthen vs. the USD in April.
Employment by Industry (U.S.): In April 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.3 million (M) – an increase of 175,000 (+0.1%) month on month (m/m). When compared to April 2023, total employment is up by 1.8% year on year (y/y). Among the employment sectors that we track at ˽av, we saw the greatest monthly gain in the construction of buildings sector with a growth of 0.2% m/m.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending April 26th was 56 oil and 62 gas (totaling 118). In percentage terms, on a month on month (m/m) basis, oil rigs were down 25.3% and gas down 18.4%. On a year on year (y/y) comparison, rigs were up 55.6% for oil and up 8.8% for gas. The combined figure for y/y was +26.9% or +25 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending April 26th was 506 oil and 105 gas (totaling 611). In percentage terms, on a month on month (m/m) basis, oil rigs were flat and gas was down 6.3%. On a year on year (y/y) comparison, rigs were down 14.4% for oil and down 34.8% for gas. The combined figure for y/y was -18.8%, or -142 rigs.
ISM Non-Manufacturing Index: The Institute for Supply Management’s non-manufacturing index decreased by 1.2 points month on month (-2.3% m/m) to 49.4 in April 2024.
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