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 6/18/08 For wk 6/13 2008 | ||||||||
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Highlights
Oil and gasoline inventories both fell 1.2 million barrels in the June 13 week in news that is likely to add further pressure on oil prices. Oil stocks, at 301.0 million barrels, are down 14.2 percent from this time last year, in contrast to gasoline stocks which at 208.9 million are up 2.6 percent. Demand for gasoline is declining at an accelerating rate, down 1.8 percent year-on-year and reflecting of course soaring prices at the pump. Refineries continue to operate at moderate rates, at 89.3 percent of capacity in the latest week. Right as this report was being released, President Bush called for greater domestic oil production.
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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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