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 3/5/08 For wk 2/29 2008 | ||||||||
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Highlights
Crude oil inventories fell 3.1 million barrels in the Feb. 29 week and included a 0.8 million barrel drawdown at the Cushing, Oklahoma refinery. Stocks of gasoline rose in the week, a factor that will help limit the impact of the crude drawdown on oil prices. Refineries are operating at only a moderate level, at 85.9 percent of capacity in the latest week.
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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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