2012 Economic Calendar
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EIA Petroleum Status Report
Released On 8/15/2012 10:30:00 AM For wk8/10, 2012
PriorActual
Crude oil inventories (weekly change)-3.7 M barrels-3.7 M barrels
Gasoline (weekly change)-1.8 M barrels-2.4 M barrels
Distillates (weekly change)-0.7 M barrels0.7 M barrels

Highlights
Refineries are drawing down oil inventories which however remain extremely heavy. Oil inventories fell 3.7 million barrels in the August 10 week but at a total of 366.2 million barrels they remain above their historical upper limit. Domestic production was steady in the week at 6.2 million barrels per day with imports rising slightly to 8.7 million barrels per day.

Operating at a very active 92.6 percent of capacity, refineries increased gasoline output in the week though gasoline inventories fell 2.4 million barrels. The draw reflects an upturn in wholesale demand which, though still negative year-on-year at minus 2.8 percent, shows its best reading since May. Distillate inventories rose 0.7 million barrels in the week with both output and demand stable.

The draws in oil and gasoline, including the improvement in gasoline demand, are pluses for oil prices. Texas Intermediate is up 75 cents to the $93.50 area following the 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
 
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