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 4/11/07 For wk 4/6 2007 | ||||||||
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Highlights
Crude oil stocks rose 0.7 million barrels to 333.4 million in the April 6 week, but gasoline stocks fell sharply, down 5.5 million barrels to a lower-than-average 199.7 million barrels. Refineries operated at 88.4 percent in the week, a bit higher than prior weeks, but gasoline production nevertheless declined. Gasoline demand is up 2.5 percent from last year while stocks are 2.7 percent lower. Oil prices rose in initial reaction to the data.
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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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