The Week In Numbers for the Week Ending March 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:

WTI Open on February 27, 2017 $54.02
WTI as of 12:00 PM on March 10, 2017 $48.51
Brent Open February 27, 2017 $55.96
Brent as of 12:00 PM on March 10, 2017 $51.38
Natural Gas Open on February 27, 2017 $2.715
NG as of 12:00 PM on March 10, 2017 $3.003


On March 07, 2017, API reported its weekly inventory data for the prior week. According to API, U.S. Crude unexpectedly increased by 11.6 million barrels for the prior week. This followed a build of 2.5 million barrels last week and was well above analysts’ consensus expectations of a build of 1.9 million barrels. Gasoline inventories decreased by 4.96 million barrels after a build of 1.84 million barrels last week. Distillates decreased by 2.90 million barrels following a decline of 3.73 million barrels the previous week.

On March 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 15.5 million barrels per day during the week ending March 03, 2017, about 172,000 barrels per day less than the previous week’s average. Refineries are operating at 85.9% capacity.

- U.S. Crude imports averaged over 8.2 million barrels per day last week, up by about 561,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 1.7% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 242,000 barrels per day. Distillate fuel imports averaged 260,000 barrels per day last week.

- U.S. commercial crude inventories increased by 8.2 million barrels At 528.4 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 6.6 million barrels last week, but are near the upper limit of the average range.

On Friday March 10, 2017, Baker Hughes released the weekly rig count. The U.S. oil rig count increased by 8 to a total of 617. The gas rig count increased by 5 to 151, and miscellaneous rigs taken offline, taking the total up to 768. This is the eighth straight week of increasing rig counts, and marks the highest level since September 25, 2015.


By: Ty Chapman

Five Star Metals, Inc.

Raising the Bar for Customer Service and Quality

Twitter: @FSM_TY

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Ty's Take 3-10-2017

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