Market Update





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June 2022

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in May 2022 increased by 0.7% month on month (m/m) to $267.2M, following the 1.5% decrease in April. The always-volatile nondefense aircraft orders, up 71.7% y/y, influenced this trend significantly.
Crude Oil & Natural Gas Pricing: May’s average West Texas Intermediate (WTI) crude oil price per barrel increased 8% month on month (m/m) – reversing trend after decreasing last month. The WTI is up 68% year on year (y/y), coming in at $109.55 / barrel in May 2022 vs. $65.17 / barrel in May 2021.
Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand grew 0.8% in May 2022 (seasonally adjusted), following the 0.4% increase in April. The index for final demand goods grew 1.4% in May, while the index for final demand services grew 0.4% after a 0.2% decrease in April. Forty percent of the May increase in prices for final demand goods can be attributed to an 8.4 percent advance in the index for gasoline.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending May 27th was 55 oil and 48 gas (totaling 103). In percentage terms, on a month on month (m/m) basis, oil rigs were up 22.2% and gas down 4.0%. On a year on year (y/y) comparison, rigs were up 96.4% for oil and up 41.2% for gas. The combined figure for y/y was +66.1% or 41 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending May 27th was 274 oil and 151 gas (totaling 425). In percentage terms, on a month on month (m/m) basis, oil rigs were up 4.0% and gas was up 4.9%. On a year on year (y/y) comparison, rigs were up 59.9% for oil and up 54.1% for gas. The combined figure for y/y was +59.1%, or +270 rigs.
Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 119.841 in May, up 2.16% m/m, steadily increasing the last three months. This index value is up 7.73% on a year on year (y/y) basis.
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