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 November 28, 2016||$45.43|
|WTI as of 12:00 PM November 2, 2016||$51.38|
|Brent Open November 28, 2016||$46.71|
|Brent as of 12:00 PM on December 02, 2016||$54.15|
|Natural Gas Open on November 28, 2016||$3.130|
|NG as of 12:00 PM on December 02, 2016||$3.422|
On November 29, 2016, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly fell by 717,000 barrels for the week ending November 25th. Markets had only anticipated a decline of about 250,000 barrels. Gasoline inventories increased by 1.28 million barrels. Distillates increased by 2.2 million barrels.
On November 30, 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 16.3 million barrels per day during the week ending November 04, 2016, about 114,000 barrels per day less than the previous week’s average. Refineries are operating at 89.8% capacity.
- U.S. Crude imports averaged over 7.5 million barrels per day last week, down by about 300,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.7 million barrels per day, 5.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 851,000 barrels per day. Distillate fuel imports averaged 174,000 barrels per day last week.
- U.S. commercial crude inventories decreased by 0.9 million barrels At 488.1 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 2.1 million barrels last week, and are well above the upper limit of the average range.
On Friday, December 02, 2016, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 3 to 477. The gas rig count increased by 1 to 119, and miscellaneous rigs remained at 1, taking the total up to 597 (+4 total).
By: Ty Chapman
Five Star Metals, Inc.
Raising the Bar for Customer Service and Quality
Follow me on Twitter to get the latest updates throughout the week!