The Week In Numbers for the Week Ending March 24, 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:

 WTI Open on March 13, 2017  $48.45 
 WTI as of 11:30 AM on March 24, 2017:  $48.51
 Brent Open on March 13, 2017  $51.49
 Brent as of 11:30 AM on March 24, 2017:  $51.38
 Natural Gas March 13, 2017:  $2.715
 NG as of 11:30 AM on March 24, 2017:  $3.083

On March 21, 2017, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 4.53 million barrels for the prior week. This followed a relatively small draw of 0.53 million barrels last week and was well above analysts forecasts of a 2.5 million barrel build. Gasoline inventories decreased by 4.93 million barrels after a draw of 2.88 million barrels last week. Distillates decreased by 833,000 barrels.

On March 22, 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 15.8 million barrels per day during the week ending March 17, 2017, about 329,000 barrels per day more than the previous week’s average. Refineries are operating at 87.4% capacity.

- U.S. Crude imports averaged over 8.3 million barrels per day last week, up by about 902,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 3.0% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 325,000 barrels per day. Distillate fuel imports averaged 127,000 barrels per day last week.

- U.S. commercial crude inventories increased by 5.0 million barrels At 533.1 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 2.8 million barrels last week, but are near the upper half of the average range.

On Friday March 24, 2017, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 21 to a total of 652. The gas rig count decreased by two to 155, and one miscellaneous rig was added, taking the total up to 809. This is the eighth straight week of increasing rig counts, and marks the highest level since September 11, 2015.

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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U.S. Oil Data May Create False Impression
Ty's Take 3-24-2017

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