| EIA Petroleum Status Report |
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Released On 12/29/2011 11:00:00 AM For wk12/23, 2011
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Prior | Actual |
| Crude oil inventories (weekly change) | -10.6 M barrels | 3.9 M barrels | | Gasoline (weekly change) | -0.4 M barrels | -0.7 M barrels | | Distillates (weekly change) | -2.4 M barrels | 1.2 M barrels |
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Highlights
A weekly swing higher in imports fed a 3.9 million barrel rise in oil inventories during the December 23 week to 327.5 million barrels. The build only partially reverses the prior week's very heavy 10.6 million barrel draw. On the supply side, net imports rose to 9.0 million barrels per day, up from 7.6 million in the prior week. Domestic production held steady at 5.9 million barrels per day. The demand side shows continued weakness for gasoline where wholesale supplies are down a very steep year-on-year 5.6 percent. Wholesale supplies of distillates are up a solid 4.0 percent.
Weakness in gasoline demand is a stand-out feature of this report where however the headline build in oil was lower than expected. Light crude, in the $98.50 area, is showing little reaction to the 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=21859)
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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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