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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:
|WTI Open on April 03, 2017||$50.24|
|WTI as of 2:00 PM on April 21, 2017:||$49.66|
|Brent Open on April 03, 2017||$53.12|
|Brent as of 2:00PM on April 21, 2017:||$51.99|
|Natural Gas April 03, 2017:||$3.217|
|NG as of 2:00 PM on April 21, 2017:||$3.099|
On April 19, 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 16.9 million barrels per day during the week ending April 14, 2017, about 241,000 barrels per day more than the previous week’s average. Refineries are operating at 92.9% capacity.
- U.S. Crude imports averaged over 7.8 million barrels per day last week, down by about 68,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 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 843,000 barrels per day. Distillate fuel imports averaged 167,000 barrels per day last week.
- U.S. commercial crude inventories decreased by 1.0 million barrels At 532.3 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.8 million barrels last week, but are near the upper half of the average range.
On Friday April 21, 2017, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 5 to a total of 688. The gas rig count increased by 5 to 167, and two miscellaneous rigs remained, taking the total up to 857. This is the fourtenth straight week of increasing rig counts, and marks the highest level since April 24, 2015.
By: Ty Chapman
Five Star Metals, Inc.
Raising the Bar for Customer Service and Quality
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