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.

Producer Price Index: The U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) for final demand increased 0.3% in January 2024 (seasonally adjusted), after decreasing 0.1% in December. The index for final demand goods moved down 0.2% in January, the fourth consecutive decline, while the index for final demand services moved up 0.6%, the largest increase since July 2023. A 2.2-percent increase in the index for hospital outpatient care was a major factor in the January rise in prices for final demand services.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 120.577 in January, up 0.35% m/m, reversing trend after steadily decreasing for two months. This index value is up 0.56% on a year on year (y/y) basis.

Crude Oil & Natural Gas Pricing: January’s average West Texas Intermediate (WTI) crude oil price per barrel increased 3% month on month (m/m). The WTI is down 5% year on year (y/y), coming in at $74.15 / barrel in January 2024 vs. $78.12 / barrel in January 2023.

Advance Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods in December 2023 was flat (m/m) to $295.5, following the 5.5% increase in November. The always-volatile nondefense aircraft orders, up 11.6% y/y, influenced this trend significantly.