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 5/2/07 For wk 4/27 2007 | ||||||||
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Highlights
Weekly petroleum data are headlined by another sizable decline in gasoline stocks, down 1.1 million barrels in the April 27 week to 193.1 million in a roughly expected decline that may nevertheless put upward pressure on oil prices. Crude oil stocks rose a roughly as-expected 1.1 million barrels in the week to 335.6 million.
Though gasoline stocks are well below their lower range, refineries continue to operate at only moderate levels, at 88.3 percent of capacity in the latest week. Demand for gasoline, perhaps held down by high prices, is up 1.6 percent year-on-year in a reading that will be closely watched as the summer driving season approaches.
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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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