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The Week In Numbers For The Week Ending 10-28-2016

            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 17, 2016: $50.23 
WTI as of 12:00 PM on October 28, 2016: $49.16
   
Brent Open October 17, 2016:  $51.93
Brent as of 12:00 PM on October 28, 2016, 2016: $49.95
   
Natural Gas Open on October 17, 2016:  $3.260 
NG as of 12:00 PM on October 28, 2016: $3.083 

 

            On October 18, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly decreased by 3.8 Million barrels (compared to a larger than expected build of 2.7 million barrels for the prior week). This was good news as the market had anticipated a build of about 2.4 million barrels. Gasoline inventories increased by 900,000 barrels. Distillates decreased by 2.3 million barrels API reported data again on October 25, 2016 for the prior week. Unfortunately, markets got hit hard after the report showed a 4.8 million barrel build in oil inventories. Gasoline stock piles fared badly as well as the data showed a 1.7 million barrel build.

On October 26, 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 21, 2016, about 182,000 barrels per day more than the previous week’s average. Refineries are operating at 85.6% capacity.

- U.S. Crude imports averaged about 7.0 million barrels per day last week, up by 109,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.4 million barrels per day, 2.1% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 834,000 barrels per day. Distillate fuel imports averaged 74,000 barrels per day last week.

 - U.S. commercial crude inventories decreased by 0.6 million barrels At 468.2 million barrels, U.S. crude oil inventories remain at historically high levels for this time of year. Total motor gasoline inventories decreased by 2.0 million barrels last week, and are well above the upper limit of the average range. In the previous EIA weekly report (released October 19, 016 for the prior week) U.S. commercial crude inventories decreased by 5.2 million barrels, and gasoline increased by 2.5 million barrels.

            On Friday, October 21, 2016, Baker Hughes released the weekly rig count data. The U.S. oil rig count rose by 11 to 443. The gas rig count by 3 to 108, and miscellaneous rigs remained at 2, taking the total up to 553.

            On Friday, October 28 2016, Baker Hughes released the weekly rig count. The U.S. oil rig count declined by 2 to 441. The gas rig count rose by 6 to 114, and miscellaneous rigs stayed at 2, taking the total up to 557. This is the first decline since June 24th.

 

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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