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.

Employment by Industry (U.S.): In March 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.1 million (M) – an increase of 303,000 (+0.2%) month on month (m/m). When compared to March 2023, total employment is up by 1.9% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the transportation equipment manufacturing sector with a growth of 0.6% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending March 29th was 75 oil and 76 gas (totaling 151). In percentage terms, on a month on month (m/m) basis, oil rigs were down 47.9% and gas down 12.6%. On a year on year (y/y) comparison, rigs were up 29.3% for oil and down 6.2% for gas. The combined figure for y/y was +8.6% or +12 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending March 29th was 506 oil and 112 gas (totaling 618). In percentage terms, on a month on month (m/m) basis, oil rigs were flat and gas down 5.9%. On a year on year (y/y) comparison, rigs were down 14.5% for oil and down 30.0% for gas. The combined figure for y/y was -17.7%, or -134 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in February 2024 was up 1.4%(m/m) to $277.9, following the 6.9% decrease in January. The always-volatile nondefense aircraft orders, down 4.3% y/y, influenced this trend significantly.