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 10/3/07 For wk 9/28 2007 | ||||||||
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Highlights
Crude oil stocks rose 1.2 million barrels in the Sept. 28 week to 321.8 million. Gasoline stocks dipped slightly in the week while distillate stocks increased sharply and are above average levels. Refineries operated at a mild 87.5 percent of capacity. Today's data should ease upward pressure on oil prices especially the gain in distillates, a category which will get more attention as the heating-oil season approaches.
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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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