| EIA Petroleum Status Report |
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Released On 7/5/2012 11:00:00 AM For wk6/29, 2012
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Prior | Actual |
| Crude oil inventories (weekly change) | -0.1 M barrels | -4.3 M barrels | | Gasoline (weekly change) | 2.1 M barrels | 0.2 M barrels | | Distillates (weekly change) | -2.3 M barrels | -1.1 M barrels |
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Highlights
A drop in both imports and domestic production helped pull oil inventories 4.3 million barrels lower in the June 29 week to a level of 382.9 million barrels that, however, is still above the upper limit of range. Refineries are very active and are operating at 92.0 percent of capacity. The production uptick comes amid increasing wholesale demand for both gasoline and distillates. Oil is up about 50 cents and is testing $88 in reaction to the headline draw in oil.
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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=22807)
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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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