| EIA Petroleum Status Report |
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Released On 12/14/2011 10:30:00 AM For wk12/9, 2011
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Prior | Actual |
| Crude oil inventories (weekly change) | 1.3 M barrels | -1.9 M barrels | | Gasoline (weekly change) | 5.1 M barrels | 3.8 M barrels | | Distillates (weekly change) | 2.5 M barrels | 0.5 M barrels |
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Highlights
A decline in imports contributed to a 1.9 million barrel draw in oil inventories in the December 9 week to 334.2 million barrels. On the product side, an increase in production fed a fifth straight weekly build in gasoline inventories, up 3.8 million barrels to 218.8 million. Gasoline demand remains soft, down a year-on-year 4.5 percent. Distillate inventories rose 0.5 million barrels to 141.5 million for a third straight weekly build. Distillate demand has been softening in recent weeks but is still up a year-on-year 1.8 percent. Light crude, at about $97, is little changed following today's report.
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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
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![[Chart]](showimage.asp?imageid=21788)
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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.
Data Source: Haver Analytics
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