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 1/24/08 For wk 1/18 2008 | ||||||||
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Highlights
Crude oil supplies rose 2.3 million barrels in the Jan. 18 week to 289.4 million with stocks of gasoline up a very steep 5.0 million barrels to 220.3 million. An offset for prices are drawdowns in distillates, down 1.3 million barrels to 128.5 million, and a 0.8 million drawdown in crude stocks at the closely watched refinery in Cushing, Oklahoma to 15.7 million.
Overall crude stocks are still way below last year, down 9.1 percent. But the emphasis in the oil market is turning, away from rising demand to softening demand.
![[Chart]](chart.gif)
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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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