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 2/22/07 For wk 2/16 2007 | ||||||||
| ||||||||
Highlights
Crude oil inventories rose 3.7 million barrels in the Feb. 16 week to a well above average level of 327.6 million. But inventories of refined products dropped sharply with distillates, which include the key heating-oil category, down a sharp 5.0 million barrels and gasoline stocks down 3.1 million. The drop in distillates reflects the cold blast that hit the country in the week. Nevertheless, stocks of both distillates and gasoline remain well above average.
Refineries operated at a moderate 85.2 percent of capacity in the week. Yesterday's reports of refinery disruptions may further reduce capacity in the current week.
The rise in crude stocks was greater than expected, while the drawdowns in refined products were sharper than expected, likely proving a wash for oil prices.
![[Chart]](chart.gif)
|
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. |
powered by
![[Econoday]](../../../../../../../../../images/logo.gif){kind=logo}