Crude Oil & Natural Gas Pricing: April’s average West Texas Intermediate (WTI) crude oil price per barrel increased 5% month on month (m/m). The WTI is up 7% year on year (y/y), coming in at $85.35 / barrel in April 2024 vs. $79.45 / barrel in April 2023.

Currency Report: The trade-weighted U.S. Broad Dollar Index posted a reading of 122.514 in April, up 1.22% m/m, reversing trend after decreasing last month. This index value is up 2.59% on a year on year (y/y) basis. Month over month, we saw the Euro strengthen vs. the USD in April.

Employment by Industry (U.S.): In April 2024, the total number of seasonally adjusted (SA), non-farm people employed in the U.S. was 158.3 million (M) – an increase of 175,000 (+0.1%) month on month (m/m). When compared to April 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 construction of buildings sector with a growth of 0.2% m/m.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending April 26th was 56 oil and 62 gas (totaling 118). In percentage terms, on a month on month (m/m) basis, oil rigs were down 25.3% and gas down 18.4%. On a year on year (y/y) comparison, rigs were up 55.6% for oil and up 8.8% for gas. The combined figure for y/y was +26.9% or +25 rigs.

Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending April 26th was 506 oil and 105 gas (totaling 611). In percentage terms, on a month on month (m/m) basis, oil rigs were flat and gas was down 6.3%. On a year on year (y/y) comparison, rigs were down 14.4% for oil and down 34.8% for gas. The combined figure for y/y was -18.8%, or -142 rigs.

ISM Non-Manufacturing Index: The Institute for Supply Management’s non-manufacturing index decreased by 1.2 points month on month (-2.3% m/m) to 49.4 in April 2024.