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 2/21/08 For wk 2/15 2008 | ||||||||
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Highlights
Crude oil stocks jumped 4.2 million barrels in the Feb. 15 week to 305.3 million, a gain partly offset for the oil markets by a 0.5 million contraction in crude stocks at the Cushing, Oklahoma refinery. Another offset for the markets is a steep 4.5 million contraction in distillates, a draw down related to winter demand for home heating oil. Production is slowing sharply with refineries operating at a very low 83.5 percent of capacity in the week. Oil prices moved slightly higher in immediate reaction to the results.
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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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