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 2/14/07 For wk 2/9 2007 | ||||||||
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Highlights
Crude oil stocks slipped 0.6 million barrels in the Feb. 9 week to 323.9 million. Distillate stocks, which include home heating oil, fell a less-than-expected 3.0 million barrels reflecting cold weather in the Northeast. Gasoline stocks also fell, down 2.0 million barrels.
Despite the drawdowns, stocks remain above average in all categories, a fact that may limit upside pressure on oil prices. Refineries continue to operate at moderate levels of production, at 86.6 percent of capacity in the latest period.
![[Chart]](chart.gif)
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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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