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 8/22/07 For wk 8/17 2007 | ||||||||
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Highlights
Crude oil stocks rose a surprising 1.9 million barrels in the Aug. 17 to 337.1 million, in a week when most were expecting a drawdown. But gasoline stocks were drawn down, in fact more than expected at a decline of 5.7 million barrels to 196.2 million. The data of course do not reflect this week's production shutdown in Mexico, the U.S.'s third largest oil supplier. There is also word this morning of a refinery shutdown in California. This week's production troubles along with last week's drop in gasoline stocks may point to new increases 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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