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 10/29/08 For wk 10/24 2008 | ||||||||
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Highlights
Inventory data for the Oct. 24 week are mixed with crude oil stocks up 0.5 million barrels to 311.9 million but gasoline stocks down 1.5 million to 195.0 million barrels. Refineries, operating at a moderate 85.3 percent of capacity in the week, have been holding back on gasoline output. Demand for gasoline, despite lower prices, remains very weak, down 3.4 percent year-on-year compared to a 2.0 percent decrease in stocks of gasoline. The outlook for gasoline demand, in line with the outlook for the global economy, is weak.
Distillates, like gasoline a product category in this report, showed a 2.3 million barrel jump in the week to an inventory level of 126.6 million. The distillate category includes home heating oil where demand, unlike gasoline, is likely to prove less flexible. Oil prices seesawed in reaction to the results.
![[Chart]](chart.gif)
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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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