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 9/17/08 For wk 9/12 2008 | ||||||||
| ||||||||
Highlights
Steeper-than-expected draws in weekly petroleum inventories could not boost oil prices which are hovering at about $94. Crude oil stocks fell 6.3 million barrels to 297.1 million in the Sep. 12 week with gasoline down 3.3 million to 184.6 million barrels and distillates down 0.9 million to 129.6 million. Shut-in by Hurricane Ike, refineries operated at only 77.4 percent of capacity in the week. Despite the draw in gasoline, supply of gasoline is still ahead of demand with supply down 1.8 percent year-on-year against a 2.6 percent decline in demand. Oil prices continue to be hit by rising expectations that demand for oil will slip in line with the slowdown in global growth.
![[Chart]](chart.gif)
|
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. |
powered by
![[Econoday]](../../../../../../../../../images/logo.gif){kind=logo}