Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 121.416 in February, up 0.70% m/m, steadily increasing for the second consecutive month. This index value is up 0.91% on a year on year (y/y) basis. Month over month, we saw the Euro, Indian rupee, and Mexican peso strengthen vs. the USD in February.

Crude Oil & Natural Gas Pricing: February’s average West Texas Intermediate (WTI) crude oil price per barrel increased 4% month on month (m/m). The WTI is up 1% year on year (y/y), coming in at $77.25 / barrel in February 2024 vs. $76.83 / barrel in February 2023.

Employment by Industry (U.S.): In February 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 157.8 million (M) – an increase of 275,000 (+0.2%) month on month (m/m). When compared to February 2023, total employment is up by 1.8% year on year (y/y). Among the employment sectors that we track at Gerdau, we saw the greatest monthly gain in the heavy and civil engineering construction sector with a growth of 1.1% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending February 23rd was 141 oil and 90 gas (totaling 231). In percentage terms, on a month on month (m/m) basis, oil rigs were down 2.1% and gas up 4.7%. On a year on year (y/y) comparison, rigs were down 10.8% for oil and up 4.7% for gas. The combined figure for y/y was -5.3% or -13 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending February 23rd was 503 oil and 120 gas (totaling 623). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.8% and gas was up 0.8%. On a year on year (y/y) comparison, rigs were down 16.2% for oil and down 20.5% for gas. The combined figure for y/y was -16.9%, or -127 rigs.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in January 2024 was flat (m/m) to $276.6, following the 0.1% decrease in December. The always-volatile nondefense aircraft orders, down 23.9% y/y, influenced this trend significantly.