2011 Economic Calendar
POWERED BY  econoday logo
Resource Center »  U.S. & Intl Recaps   |   Event Release Dates   |   Event Definitions   |   Today's Calendar

EIA Petroleum Status Report
Released On 3/2/2011 10:30:00 AM For wk2/25, 2011
PriorActual
Crude oil inventories (weekly change)0.8 M barrels-0.4 M barrels

Highlights
Commercial oil inventories fell less than a half million barrels to 346.4 million in the February 25 week, ending six straight weeks of builds. Oil supply remains very heavy underscored by an outsized 1.2 million barrel build to 38.6 million at the Cushing hub. But, in a backdrop for the rolling unrest in Libya and the Middle East, imports did slip slightly in the week, to 8.0 million barrels per day for the lowest reading since January last year.

The dip in imports pulled down oil inventories as did increased inputs to refineries. Refineries increased their output of both gasoline and distillates in the week. Supply data point to soft product demand with gasoline up only 1.0 percent year-on-year and distillates up 0.3 percent.

Definition
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
 
[Chart]
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.
Data Source: Haver Analytics
 

 

powered by  [Econoday]