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The Week In Numbers for the Week Ending 10-14-2016

          In each edition of the Standard, we strive to provide you a bare bones summary of what happened to the price of WTI, Natural Gas, and Brent Crude. In addition, we summarize the major reports from API and EIA on Inventory Data. And we also throw in the rig count for good measure.

WTI Open on October 03, 2016 $48.04
WTI as of 12:00 PM on October 14, 2016: $50.04
   
Brent Open October 03, 2016: $50.02
Brent as of 12:00 PM on October 03, 2016, 2016:
$51.62
   
Natural Gas Open on October 03, 2016: $2.905
NG as of 12:00 PM on October 03, 2016: $3.288

 

On October 04, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly decreased by 7.6 Million barrels after a modest decrease of 750,000 barrels the week before. This was substantially better than the market expectation of a build of around 1.5 million barrels. Gasoline inventories increased by 2.9 million barrels (compared to a decrease of 3.7 million barrels the week before). API reported data again on October 12, 2016 for the prior week. Unfortunately, markets got hit hard after the report showed a 2.7 million barrel build in oil inventories. Gasoline stock piles fared badly as well as the data showed a 688,000 barrel build, in contrast to experts’ expectations of a 900,000 barrel draw. Distillate supplies fared better showing a decline of 4.5 million barrels

On October 13, 2016, the Energy Information Administration released weekly data for the prior week.   The EIA weekly report, included the following important notes:

- U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending October 07, 2016, about 480,000 barrels per day less than the previous week’s average. Refineries are operating at 85.5% capacity.

- U.S. Crude imports averaged about 7.9 million barrels per day last week, up by 151,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 8.9% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 762,000 barrels per day. Distillate fuel imports averaged 95,000 barrels per day last week.

- U.S. commercial crude inventories increased by 4.9 million barrels At 474.0 million barrels, U.S. crude oil inventories remain at historically high levels for this time of year. Total motor gasoline inventories decreased by 1.9 million barrels last week, and are well above the upper limit of the average range. In the previous EIA weekly report (released October 05, 016 for the prior week) U.S. commercial crude inventories decreased by 3.0 million barrels, and gasoline increased by 0.2 million barrels.

           On Friday, October 07, 2016, Baker Hughes released the weekly rig count data. The U.S. oil rig count rose by 3 to 428. The gas rig count by 2 to 94, and miscellaneous rigs rose by 1 to 2, taking the total up to 524.

           On Friday, September 30, 2016, Baker Hughes released the weekly rig count. The U.S. oil rig count rose by 4 to 432. The gas rig count rose by 11 to 105, and miscellaneous rigs stayed at 2, taking the total up to 539. This is the 16th straight week of increasing rig count.

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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Ty’s Take for the Week of 10-14-16