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 4/2/08 For wk 3/28 2008 | ||||||||
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Highlights
Crude oil stocks jumped 7.4 million barrels in the March 28 week with stocks at Cushing, Oklahoma also higher, up 0.3 million to 17.5 million barrels. Oil prices fell in immediate reaction to the jump. Stocks of refined products, however, were drawn down substantially as refineries really cut back production, operating at only 82.4 percent of capacity in the week. Gasoline stocks fell 4.5 million barrels, still above average but a concern heading into the driving season. Distillate stocks fell 1.6 million barrels.
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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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