The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products. Why Investors Care
| Released on 1/4/07 For wk 12/29 2007 | ||||||||
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Highlights
Crude oil inventories fell 1.3 million barrels in the Dec. 29 week to 319.7 million, offset by sharp increases in refined products including gasoline, diesel fuel, and heating oil. Refineries have been incrementally picking up production, operating at 91.0 percent of capacity in the week. For oil prices, the offsetting readings between crude and refined products will likely limit market reaction.
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As is evident from the chart, crude oil stocks can fluctuate dramatically over the year. When oil prices nearly reached $50 per barrel in August 2004, financial market players began to monitor crude oil inventories. It is not surprising to see sharp price hikes in crude oil when inventories are falling. Conversely, one would expect price declines when inventories are rising. |
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