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 4/30/08 For wk 4/25 2008 | ||||||||
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Highlights
Crude oil stocks rose 3.8 million barrels in the April 25 week to a level of 319.9 million, but gasoline stocks were drawn down, down 1.5 million barrels to 211.1 million in results that are mixed for oil prices. Refineries are operating at only moderate levels, at 85.4 percent of capacity in the week. Year-on-year, gasoline stocks are up 6.8 percent and well ahead of demand which, because of high prices, is up only 0.4 percent.
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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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