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 10/11/07 For wk 10/5 2007 | ||||||||
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Highlights
Weekly inventory data on petroleum products were mixed, showing a 1.7 million barrel drop in crude stocks offset by a 1.7 million rise in gasoline stocks. Distillate stocks, which will grow in importance as the weather cools, fell 0.6 million barrels. Refineries operated at a mild 87.8 percent of capacity. The data are not likely to rile the oil market.
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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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