Market Update





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June 2024

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending May 31st was 74 oil and 54 gas (totaling 128). In percentage terms, on a month on month (m/m) basis, oil rigs were up 23.3% and gas down 10.0%. On a year on year (y/y) comparison, rigs were up 45.1% for oil and up 17.4% for gas. The combined figure for y/y was +32.0% or +31 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending May 31st was 496 oil and 100 gas (totaling 596). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.6% and gas down 2.1%. On a year on year (y/y) comparison, rigs were down 10.6% for oil and down 27.0% for gas. The combined figure for y/y was -13.8%, or -96 rigs.

May 2024

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.5% in April 2024 (seasonally adjusted), after decreasing 0.1% in March. The index for final demand goods decreased 0.4% in April, after decreasing 0.2% in March, while the index for final demand services moved up 0.6%, the largest rise since July 2023. A 3.9-percent advance in the index for portfolio management was a major factor in the April increase in prices for final demand services.
Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in April 2024 was up 0.7%(m/m) to $284.0, following the 0.8% increase in March. The always-volatile nondefense aircraft orders, down 8.5% y/y, influenced this trend significantly.
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.
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