The Week In Numbers for the Week Ending 01-13-2017

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 as of 12:00 PM on December 16, 2016 $51.59
Brent as of 12:00 PM on December 16, 2016 $54.97
NG as of 12:00 PM on December 16, 2016: $3.390

WTI Open on January 03, 2017

WTI as of 12:00 PM on January 13, 2017 $52.61
Brent Open January 02, 2017 $54.40
Brent as of 12:00 PM on January 13, 2017 $55.70
Natural Gas Open on January 02, 2017 $3.560
NG as of 12:00 PM on January 13, 2017 $3.415


On January 10, 2017, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 1.5 million barrels for the prior week.  Markets had anticipated an increase of 1.2 million barrels. This was the first increase in crude inventory in 8 weeks. Gasoline inventories increased by 1.7 million barrels. Distillates increased by 5.5 million barrels.

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

On January 11, 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 17.1 million barrels per day during the week ending January 06, 2017, about 418,000 barrels per day more than the previous week’s average. Refineries are operating at 93.6% capacity.

U.S. Crude imports averaged over 9.1 million barrels per day last week, up by about 1.9 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.2 million barrels per day, 6.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 683,000 barrels per day. Distillate fuel imports averaged 103,000 barrels per day last week.

U.S. commercial crude inventories increased by 4.1 million barrels At 483.1 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 5.0 million barrels last week, and are at the upper limit of the average range.

On Friday, December 16, 2016, Baker Hughes released the weekly rig count. The total U.S. Rig count was 647.

On Friday, January 13, 2017, Baker Hughes released the weekly rig count. The U.S. oil rig count decreased by 7 to a total of 522. The gas rig count increased by 1 to 136, and miscellaneous rigs remained at 1, taking the total up to 659. This was the first time in 11 weeks that the total rig count decreased.

By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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