February 13, 2023
This is the Commodities, Scrap Metal, Recycling and Economic Report by BENLEE roll off trailers, gondola trailers and roll off truck parts, February 13th, 2023.
U.S. weekly raw steel production rose slightly to 1.656MT on slow U.S. economic growth. Also, on increased priced imports losing market share.
WTI crude oil price rose to $79.72/b., up 9% for the week. This was a Russian announced of cutting production and concerns over tight supplies on China’s economic rebound.
The U.S. weekly oil rig count rose to 609. Low production in the U.S. and globally is keeping prices high. Also, it is causing inflation, but bringing record oil company profits.
U.S. weekly crude oil production rose to 12.3Mb/d, the highest in about 3 years, but it was only .1Mb/d, or .008 more than the 12.2M barrels of 6 months ago.
Scrap steel #1 HMS price rose to about $360/GT. There is fair demand in the U.S. and good export demand, but Turkey’s earthquake could mean reduced scrap exports.
Hot-rolled coil steel price rose to $41.13/cwt., $823/T. This was on good demand, higher scrap costs and tight supply.
Copper price fell to $4.01/lb., on concerns of global economic slowing, but concerns over having enough supply in the future.
Aluminum price fell to $1.17/lb., $2,477/mt., on record production in China and European producers back online.
The U.S. December trade deficit widened, got worse to $67.4B, with 2022 the worst in history $948.1B. U.S. consumers bought more imports of cell phones, cars and more. The deficit widened, despite record high U.S. exports of Oil and Natural Gas.
U.S. Natural Gas Futures, which is Price. It fell to $2.58/MMBtus at levels of about 40 years ago. This was on near record production, near record exports and warmer weather. Many areas of the U.S. will see lower electrical rates in the coming months, due to low gas prices.
Total January U.S. payroll, technically called ‘non-farm payroll’, rose to 155.1M the highest in American history. The economy has issues, but more people than ever are working.
U.S. February U of M consumer sentiment. It jumped to 66.4, a 13-month high. People are feeling better about current conditions but are concerned about inflation and future employment.
Wall Street’s Dow Jones Industrial Average fell 57 points to 33,869 as the Federal Reserve talked about higher interest rates, but as consumers are feeling better about the economy.
Roll off truck parts for sale at BENLEE. Buy online at our parts store or call us at 734-722-8100. We have parts for Galbreath, Galfab, American, Palfinger, Dragon and more. Also, Pioneer, Roll-Rite, Aero, Donovan, U.S. Tarp and more. Rollers, tarps, pins, cylinders, arm, motors and more.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.