2012 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 5/9/2012 10:30:00 AM For wk5/4, 2012
PriorActual
Crude oil inventories (weekly change)2.8 M barrels3.7 M barrels
Gasoline (weekly change)-2.0 M barrels-2.6 M barrels
Distillates (weekly change)-1.9 M barrels-3.3 M barrels

Highlights
Refineries are stepping up production but inventories of gasoline and distillates continue to fall, down 2.6 million barrels for gasoline and down 3.3 million barrels for distillates. The draw is the 12th straight for gasoline inventories which are in the middle of their average range while the draw is the fifth straight for distillates which have now moved into the lower limit of their range. Refineries had been cutting back production in prior weeks but are now operating at their highest rate of the year.

In contrast to product inventories, inventories of crude oil are very heavy and are now above their upper limit. Oil inventories rose 3.7 million barrels in the week to 379.5 million. Though refineries are beginning to draw down oil inventories, oil imports have been on the rise, at 9.0 million barrels per day for their highest rate since March.

Demand indications from the wholesale sector show steady to slightly improving trends for both gasoline and distillates. Oil, over $96, is up nearly $1 following today's report.

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
 
Legal Notices | ©Copyright 1998-2013 Econoday, Inc.  powered by  [Econoday]