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 3/21/07 For wk 3/16 2007 | ||||||||
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Highlights
Crude oil stocks rose 3.9 million barrels to 329.3 million in the March 16 week, but distillate and gasoline stocks both fell sharply in mixed results for oil prices. Diesel fuel, not heating oil, was behind the decline in distillates, a reminder that the distillate category fades in importance with the approach of warm weather in the Northeast. Refineries operated at a moderate 86.3 percent of capacity in the week.
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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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