Newsletters

The Week In Numbers for the Week 02-10-2017

 

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.

Since we have not sent the Newsletter in about a month, I will give you the prior numbers from the last Newsletter followed by current:

Current:

WTI Open on January 30, 2017 $53.15
WTI as of 12:00 PM on February 10, 2017 $53.97
   
Brent Open January 30, 2017 $55.47
Brent as of 12:00 PM on February 10, 2017 $56.73
   
Natural Gas Open on January 30, 2017 $3.300
NG as of 12:00 PM on February 10, 2017 $3.049

 

On February 07, 2017, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 14.227 million barrels for the prior week.  This is the second largest build in U.S. history. Gasoline inventories increased by 2.903 million barrels. Distillates increased by 1.373 million barrels.

In our prior report for EIA data from December 14, 2016, U.S. crude inventories stood at 483.2 million barrels.

On February 08, 2017, 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 15.9 million barrels per day during the week ending February 03, 2017, about 54,000 barrels per day less than the previous week’s average. Refineries are operating at 97.7% capacity.
- U.S. Crude imports averaged over 9.4 million barrels per day last week, up by about 1.1 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 10.0% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 811,000 barrels per day. Distillate fuel imports averaged 209,000 barrels per day last week.
- U.S. commercial crude inventories increased by 13.8 million barrels At 508.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.9 million barrels last week, and above the upper limit of the average range.
 

On Friday, February 10, 2017, Baker Hughes released the weekly rig count. The total U.S. Rig count was 647.

On Friday February 10, 2017, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 8 to a total of 591. The gas rig count increased by 4 to 149, and miscellaneous rigs remained at 1, taking the total up to 741. This is the fourth straight week of increasing rig counts, and marks the highest level since October 23, 2015.

 

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

Follow me on Twitter to get the latest updates throughout the week!

U.S Shale Production is Back
Ty’s Take 2-10-17