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 7/25/07 For wk 7/20 2007 | ||||||||
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Highlights
Crude oil stocks fell 1.1 million barrels in the July 20 week to 351.0 million, a drawdown offset by rising stocks of refined products: gasoline up 0.8 million barrels to 204.1 million and distillates up 1.5 million to 123.7 million. The rise in refined products reflects rising output from refineries which operated at 91.7 percent of capacity in the week. But there's still an imbalance between gasoline supply and demand with supply down 3.6 percent year-on-year but demand, despite high prices, up 1.2 percent. Today's data, despite the headline fall in crude stocks and continued imbalance in gasoline, are not likely to feed new gains in 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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