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 3/26/08 For wk 3/21 2008 | ||||||||
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Highlights
Crude oil stocks were unchanged in the March 21 week at 311.8 million barrels though stocks of refined products were down sharply: down 3.3 million barrels for gasoline and down 2.2 million for distillates. Refineries are really cutting back on production, operating at a very thin 82.2 percent in the week. But stocks of gasoline are still well above average and demand for gasoline is soft, down 0.3 percent year-on-year in a reflection of high pump prices and a worn down consumer. Oil prices, reacting to the decline in gasoline stocks, rose 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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