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The Week In Numbers for the Week Ending 7-29-2016

Each week, 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 Genspace, API, and EIA on Inventory Data. And we also throw in the rig count for good measure.

WTI Open on July 25, 2016   $44.20
WTI as of 12:00 on July 29, 2016  $41.34
   
Brent Open on July 25, 2016  $45.70
Brent as of 12:00 PM on July 29, 2016  $43.31
   
Natural Gas Open on July 25, 2016  $2.779
NG as of 12:00 PM on July 29, 2016  $2.895

 

On July 28, 2016, Genscape released Cushing Inventory data for this week. Cushing is the largest oil storage tank in the world, and is the settlement point for crude oil futures traded on the New York Mercantile Exchange. According to Genscape, Inventory increased 300,000 barrels at the Cushing settlement point.  This was negative for the price of oil.

On July 26, 2016, API reported its weekly inventory draw for the prior week. According to API, US Crude inventories decreased by 827,000 barrels. This compares to a decrease of 2,300,000 barrels last week. Gasoline inventories increased by 423,000 barrels instead of an expected increase of 87,000 barrels. This report was negative for the price of oil as the as traders had expected a larger crude draw.

On July 207, 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 16.6 million barrels per day during the week ending July 22, 2016, 277,000 barrels per day more than the previous week’s average. Refineries are operating at 92.4% capacity.

- U.S. Crude imports averaged about 8.4 million barrels per day last week, up by 303,000 barrels per day from the previous week.

- U.S. commercial crude inventories increased by 1.7 million barrels from the previous week (compared to a decrease of 2.3 million barrels from two weeks ago. At 521.1 million barrels, U.S. crude oil inventories remain at historically high levels fro this time of year. Total motor gasoline inventories increased by 500,000 barrels last week, well above the upper limit of the average range.

On Friday, July 29, 2016 Baker Hughes released the weekly rig count data. The US oil rig count rose by 3 last week (compared to 14 for the prior week) to 374. This is the fifth weekly increase. The number of gas only rigs fell by 2 to 86. Total Rig Count at 463 so a total increase of 1 Rig.

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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Oil Majors Reported Earnings Last Week
Ty’s Take For the Week Ending 7-29-16