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 4/9/08 For wk 4/4 2008 | ||||||||
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Highlights
In a report that is likely to feed new gains in oil prices, crude oil stocks fell 3.1 million barrels in the April 4 week to 316.0 million. Stocks of gasoline and distillates also fell, down 3.4 million and 3.7 million. Yet despite the drawdown and despite low refinery production, gasoline stocks are still up 10.2 percent year on year, well in front of a 0.3 percent rise in demand.
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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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