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 5/16/07 For wk 5/11 2007 | ||||||||
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Highlights
Crude oil stocks rose 1.0 million barrels in May 11 week to 342.2 million. In a key plus, gasoline stocks jumped 1.7 million barrels to 195.2 million as refineries increased production, operating at 89.5 percent of capacity. Despite the latest gain, levels of gasoline stocks are still well below average, the result of refinery downtime. Demand for gasoline, held down by high prices, remains mild, up only 1.0 percent from this time last year. Gasoline stocks, in contrast, are down 6.9 percent. Today's data are likely to ease pressure on 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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