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 3/14/07 For wk 3/9 2007 | ||||||||
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Highlights
Weekly petroleum inventory data show lower levels than expected, likely pressuring oil prices through the session. Crude oil inventories did rise, up a moderate 1.2 million barrels in the March 9 week to 325.3 million. But drawdowns of distillates, down 2.8 million barrels, and gasoline, down 2.5 million, were heavy. Refineries operated at a moderate 85.6 percent of capacity.
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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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