March 2018

Oil and Gas Rotary Rig Counts

Active U.S. rigs climbed for the sixth week in a row per Baker Hughes. The total number of operating rigs in the U.S. the week as of March 2nd was 981, 800 oil and 181 gas. In percentage terms, on a month on month, (m/m) basis, oil rigs were up 4.6%, (+35 rigs) as gas [...]

ISM Manufacturing Index

The February Purchasers Manager’s Index moved up 1.7 points month on month, (m/m) to 60.8, its first time in the “sixties” since 2004. This value was well above consensus expectations and an encouraging sign for the manufacturing sector. The index has been greater than 50, (>50 = expansion) for 18 consecutive months. The new orders [...]

­­­Construction Put-in-Place, (CPIP):

Total U.S. construction spending continued to perform well in January, especially in the public sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that January’s twelve month total, (12MT) construction expenditures grew by 3.7% year on year (y/y), to $1232.7 billion (B). On a 12MT basis, private expenditures advanced 5.5% y/y, while, State [...]

U.S. Steel Mill Shipments and Domestic Consumption of Long Products*

For the 12 months ending January 2018, U.S. mill shipments of long products increased by 6.4% year on year, (y/y). U.S. domestic consumption of long products increased by 0.6% over the same timeframe. Import share of long products averaged 19.1% over the past 12 months, down from 22.7% for the 12 months ending January 2017. [...]

Portland Cement Shipments

U.S. national Portland cement shipments in December totaled 6.71 million, (Mt) short tons. For the three months total (3MMT), ending December, cement shipments were up 3.3% year on year, (y/y). Five of the nine census regions posted higher 3MMT cement shipments y/y. Figure 1 shows the three month moving average shipments in tons per month [...]

Advanced Durable Goods Orders

The U.S. Census Bureau reported yesterday that; new orders for durable goods orders fell 3.7% in January. This was far worse that analyst’s consensus expectations and the first decline since October. Most of the weakness was in the volatile nondefense aircraft and defense sector. In addition, the December growth rate was revised 0.3 point lower [...]