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 9/6/07 For wk 8/31 2007 | ||||||||
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Highlights
Crude oil stocks fell 3.9 million barrels in the Aug. 31 week to 329.7 million. Gasoline stocks also fell, down 1.5 million barrels to 191.1 million. The declines came despite strong refinery utilization at 92.1 percent of capacity. Distillate stocks did rise in the week, up 2.3 million barrels to 132.2 million. The oil market was expecting a decline in crude and gasoline stocks given hurricane activity in the Caribbean, but today's results, especially the decline in crude stocks, are on the high side of estimates and may feed further 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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