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 7/5/07 For wk 6/29 2007 | ||||||||
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Highlights
Crude oil stocks rose 3.2 million barrels in the June 29 week to 354.0 million, part of a weekly report that is likely to push oil prices down over the next week. Gasoline stocks rose 1.8 million barrels in the week with distillates up 1.2 million barrels. Refineries are finally increasing output, operating at 90.0 percent of capacity. Gasoline stocks are still low, down 4.7 percent year-on-year, but demand is tame, up only 1.2 percent.
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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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