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.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.2% in March 2024 (seasonally adjusted), after increasing 0.6% in February. The index for final demand goods decreased 0.1% in March, after rising 1.2% in February, while the index for final demand services moved up 0.3%, the third consecutive rise. A major factor in the March increase in prices for final demand services was the index for securities brokerage, dealing, investment advice, and related services, which rose 3.1 percent.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in March 2024 was up 2.6%(m/m) to $283.4, following the 0.7% increase in February. The always-volatile nondefense aircraft orders, down 0.3% y/y, influenced this trend significantly.

Crude Oil & Natural Gas Pricing: March’s average West Texas Intermediate (WTI) crude oil price per barrel increased 9% month on month (m/m). The WTI is up 15% year on year (y/y), coming in at $84.28 / barrel in March 2024 vs. $73.28 / barrel in March 2023.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 121.041 in March, down 0.31% m/m, reversing trend after steadily increasing for two months. This index value is up 0.19% on a year on year (y/y) basis. Month over month, we saw the Canadian dollar and Mexican peso strengthen vs. the USD in March.