The WTI crude spot price was lower 0.58% for the week, closing at $49.33 per barrel on Friday, while the Brent crude spot price was practically unchanged to close at $51.93 per barrel, despite a bullish EIA weekly report. Traders were focusing last week on gasoline and distillate stockpiles, which rose sharply to 3.4 and 2.7 million barrels, respectively. The S&P Global Platts survey had forecasted declines of 1.1 million barrels for gasoline and 1.8 million barrels for distillates.
The EIA weekly U.S. oil inventory report on Wednesday showed that domestic crude supplies declined by 3.641 million barrels to 528.702 million barrels, excluding the Strategic Petroleum Reserve, in the week ending April 21, compared to the S&P Global Platts forecast for a stockpile decline of 1 million barrels. The American Petroleum Institute, or API, inventory data on Tuesday showed a U.S. crude inventory increase of 0.897 million barrels.
Separately, the EIA said the weekly U.S. crude oil production increased 13,000 barrels per day, or bpd, for the week ending April 17, to 9.265 million bpd. U.S. crude oil output increased 116,000 bpd to an average of 9.251 million bpd in April, compared to a March average of 9.134 million bpd. Output has fallen just 3.64% from the peak level of 9.60 million bpd in June 2015. Houston-based oilfield services company Baker Hughes Inc. said on Friday that the U.S. oil rig count rose another 9 to 697, compared to 316, when the rig count hit the low on June 6, 2016.
S&P 500 Summary: +6.49% YTD as of 04/28/17
Barclay Hedge Fund Index: +3.00% YTD
Outperforming Sectors: Information technology +14.90 YTD, Consumer discretionary +10.64% YTD, Healthcare +9.46% YTD, Materials +6.73% YTD, and Consumer staples +6.53% YTD.
Underperforming Sectors:, Utilities +6.21% YTD, Industrials +5.78% YTD, Real Estate +2.70% YTD., Financials +1.09% YTD, Telecommunication services –9.22% YTD, and Energy –10.02%