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 2/6/08 For wk 2/1 2008 | ||||||||
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Highlights
The stock of crude oil posted a huge 7.1 million barrel build in the Feb. 1 week to 300.0 million barrels. Stocks at the Cushing, Oklahoma refinery rose 0.7 million barrels to 16.5 million. Stocks of gasoline also posted a gain of 3.6 million barrels, to 227.5 million. Distillate fuel oil stocks were little changed, nudging up to 127.1 million from 127.0 million the prior week. Markets had expected a rise in crude stocks but the 7.1 million was larger than expected.
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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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