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 3/12/08 For wk 3/7 2008 | ||||||||
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Highlights
Stocks of crude oil jumped 6.2 million barrels in the March 7 week to 311.6 million with stocks at the Cushing, Oklahoma refinery also much higher, up 2.8 million to 18.9 million barrels. These jumps are certain to spark heavy selling in the oil markets. Gasoline stocks were also higher in the week, up 1.7 million barrels to 236.0 million. Gasoline stocks will get more and more attention as the spring driving season begins, a time that has led in recent years to price jumps at the pump. Refineries continue to keep production down, operating at 85 percent of capacity in the 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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