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 9/12/07 For wk 9/7 2007 | ||||||||
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Highlights
A steep drawdown in crude oil stocks, along with a larger-than-expected drawdown in petroleum, are likely to feed new increases in oil prices, which were already testing $80 per barrel before the data. Crude oil stocks fell 7.1 million barrels in the Sept. 7 week to 322.6 million, while gasoline stocks fell 0.7 million to 190.4 million. In a partial offset, distillate stocks rose 1.8 million to 134.0 million. Stocks of crude oil remain strong despite the a run of drawdowns in recent weeks, but stocks of gasoline remain well below average. Refineries operated at a moderately firm 90.5 percent of capacity in the week.
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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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