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 4/25/07 For wk 4/20 2007 | ||||||||
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Highlights
Crude oil stocks rose 2.1 million barrels in the April 20 week to 334.5 million. But the rise is offset by another sharp drawdown in gasoline stocks, down a steep 2.8 million to 194.2 million barrels. Gasoline demand is up 2.3 percent year-on-year though gasoline stocks are down 1.4 percent and are well below the lower end of range. Gasoline production decreased in the latest week. Today's data will not help to settle down the oil market. Note that high gas prices are hurting consumer confidence and driving up raw material 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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