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 3/28/07 For wk 3/23 2007 | ||||||||
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Highlights
Crude oil stocks fell 0.8 million barrels in the March 23 week to 328.4 million. Drawdowns were also reported for gasoline, down 0.3 million to 210.2 million barrels, and distillates, down 0.7 million barrels to 118.0 million. The week's data are not dramatic but are nevertheless likely to add pressure to oil prices.
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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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