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The Week In Numbers for the Week Ending 11-11-2016

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 31, 2016  $48.25
WTI as of 12:00 PM on November 11, 2016  $43.45
   
Brent Open October 31, 2016  $49.41
Brent as of 12:00 PM on November 11, 2016, 2016  $44.62
   
 Natural Gas Open on October 31, 2016  $3.150
 NG as of 12:00 PM on November 11, 2016  $2.631

 

On November 01, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 9.3 Million barrels (compared to a larger than expected build of 4.8 million barrels for the prior week). Markets had only anticipated about a one million barrel build. The bright spot was gasoline and distillates. Gasoline inventories fell by 3.6 million barrels. Distillates decreased by 3.1 million barrels API reported data again on November 08, 2016 for the prior week. Unfortunately, markets got hit hard after the report showed a 4.4 million barrel build in oil inventories compared to a forecast of a 2.00 million barrel build. Gasoline stock piles fared better as well as the data showed a 3.6 million barrel draw and distillates showed a 4.3 million barrel draw.

On November 09, 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 15.8 million barrels per day during the week ending November 04, 2016, about 369,000 barrels per day more than the previous week’s average. Refineries are operating at 87.1% capacity.

- U.S. Crude imports averaged about 7.4 million barrels per day last week, down by about 1.6 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.6 million barrels per day, 5.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 500,000 barrels per day. Distillate fuel imports averaged 107,000 barrels per day last week.

- U.S. commercial crude inventories increased by 2.4 million barrels At 485.0 million barrels, U.S. crude oil inventories remain at the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.8 million barrels last week, and are well above the upper limit of the average range. In the previous EIA weekly report (released November 02, 2016 for the prior week) U.S. commercial crude inventories increased by 14.4 million barrels (the largest increase ever reported), and gasoline decreased by 2.2 million barrels.

On Friday, November 04, 2016, Baker Hughes released the weekly rig count data. The U.S. oil rig count rose by 9 to 450. The gas rig count by 3 to 117, and miscellaneous rigs remained at 2, taking the total up to 569 (+12 total increase).

On Friday, November 11, 2016, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 2 to 452. The gas rig count decreased by 2 to 115, and miscellaneous rigs declined to 1, taking the total up to 568 (-1 total). 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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Ty’s Take For the Week Ending 11-11-2016
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