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 8/8/07 For wk 8/3 2007 | ||||||||
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Highlights
Crude oil inventories fell 4.1 million barrels to 340.4 million in the Aug. 3 week. A drawdown was expected for crude, but not for gasoline that showed a 1.7 million barrel decline to 203.0 million. Refineries operated at a firm 91.3 percent of capacity. Gasoline stocks, down 3.4 percent year-on-year, remain well below average. Today's data are likely to give a new boost to oil prices.
![[Chart]](chart.gif)
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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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