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 3/7/07 For wk 3/2 2007 | ||||||||
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Highlights
Crude stocks fell a surprising 4.8 million barrels in the March 2 week to 324.2 million in data that included declines in distillates and gasoline and appear certain to push up oil prices. Distillates fell 1.3 million barrels in the week with gasoline down 3.8 million. Refinery output remains only moderate, at 85.8 percent of capacity in the week. Despite the week's cold blast that hit the East Coast, distillate demand fell 1.0 percent week-on-week and is down 8.4 percent year-on-year. Higher oil prices, now holding over $60, are creeping back as an economic and inflationary factor.
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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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