Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending November 29th was 134 oil and 70 gas (totaling 204). In percentage terms, on a month on month (m/m) basis, oil rigs were down 8.2% and gas up 4.5%. On a year on year (y/y) comparison, rigs were up 9.8% for oil and flat for gas. The combined figure for y/y was +6.8% or +13 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending November 29th was 477 oil and 100 gas (totaling 577). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.4% and gas down 2.0%. On a year on year (y/y) comparison, rigs were down 5.5% for oil and down 13.8% for gas. The combined figure for y/y was -6.9%, or -43 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in October 2024 was up 0.2(m/m) to $286.5, following the 0.4% decrease in September. The always-volatile nondefense aircraft orders, down 30.2% y/y, influenced this trend significantly.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.2% in October 2024 (seasonally adjusted), after advancing 0.1% in September. The index for final demand goods inched up 0.1% in October, while the index for final demand services rose 0.3% in October. Over one-third of the rise in the index for final demand services can be traced to prices for portfolio management, which advanced 3.6 percent.

Crude Oil & Natural Gas Pricing: October’s average West Texas Intermediate (WTI) crude oil price per barrel increased 2% month on month (m/m). The WTI is down 16% year on year (y/y), coming in at $71.99 / barrel in October 2024 vs. $85.84 / barrel in October 2023.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending October 25th was 150 oil and 66 gas (totaling 216). In percentage terms, on a month on month (m/m) basis, oil rigs were down 1.3% and gas up 1.5%. On a year on year (y/y) comparison, rigs were up 23.0% for oil and down 10.8% for gas. The combined figure for y/y was -10.8% or +20 rigs.