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The Week In Numbers for the Week Ending 12-16-2016

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 December 05, 2016 $51.4
WTI as of 12:00 PM on December 16, 2016 $51.59
   

Brent Open December 05, 2016

$54.40
Brent as of 12:00 PM on December 16, 2016 $54.97
   
Natural Gas Open on December 05, 2016 $3.471
NG as of 12:00 PM on December 16, 2016 $3.390

     

            On December 13, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 4.7 million barrels for the week ending December 9th.  Markets had anticipated a decline of 1.5 million barrels. Gasoline inventories increased by 3.9 million barrels. Distillates increased by 200,000 million barrels. In its prior report of December 06, 2016 API reported a fall of 2.2 million barrels in crude inventory for the week ending December 02, 2016.

On December 14, 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 16.5 million barrels per day during the week ending December 16, 2016, about 57,000 barrels per day more than the previous week’s average. Refineries are operating at 90.5% capacity.

U.S. Crude imports averaged over 7.4 million barrels per day last week, down by about 934,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.7 million barrels per day, 2.0% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 624,000 barrels per day. Distillate fuel imports averaged 233,000 barrels per day last week.

U.S. commercial crude inventories decreased by 2.6 million barrels At 483.2 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 increased by 0.5 million barrels last week, and are well above the upper limit of the average range.

In the EIA report released on December 02, 2016 for the prior week, we sale an inventory decrease for crude oil of 2.4 million barrels. Gasoline inventories increased by 3.4 million barrels.

On Friday, December 16, 2016, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 12 to 510. The gas rig count increased by 1 to 126, and miscellaneous rigs remained at 1, taking the total up to 647 (+13 total).

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 12-16-16