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 10/16/08 For wk 10/10 2008 | ||||||||
| ||||||||
Highlights
Inventories of crude oil jumped in the Oct. 10 week, up 5.6 million barrels with gasoline stocks up 7.0 million. Refineries, still recovering from September's hurricanes, increased output, operating at 82.2 percent of capacity in the week. Demand for gasoline is on the decline, down 5.2 percent year-on-year vs. a 2.9 percent decline for gasoline stocks in a combination that points to lower prices and lower production ahead. Today's data point to further declines in the ever deflating oil market.
![[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}