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 12/12/07 For wk 12/7 2007 | ||||||||
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Highlights
Crude oil inventories fell 0.7 million barrels in the Dec. 7 week to 304.5 million, a drawdown likely offset for the oil market by a 1.4 million barrel rise at the key refinery in Cushing, Oklahoma. Distillate stocks are thin, falling 0.8 million barrels in the week which may raise worries of heating oil supplies amid chilly conditions in the Northeast. Distillate supply is down 0.6 percent year-on-year while demand is up 4.3 percent. Stocks of gasoline rose 1.6 million barrels to 202.2 million. Refineries operated a moderate 88.8 percent of capacity.
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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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