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 11/21/07 For wk 11/16 2007 | ||||||||
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Highlights
One hundred dollar oil may arrive today as crude oil stocks fell a steep 1.1 million barrels in the Nov. 16 week to 313.6 million. Traders were looking for a build in stocks, not a drawdown. Stocks of distillates, closely watched as the East Coast heating oil season begins, also fell, down a sharp 2.4 million barrels to 131.0 million. Gasoline stocks were little changed, up 0.2 million to 195.2 million barrels. Refineries operated at a mild 87.0 percent of capacity in the week. Oil flirted with $100 overnight and may very well spike past the level based on this morning's data.
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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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