| EIA Petroleum Status Report |
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Released On 9/26/2012 10:30:00 AM For wk9/21, 2012
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Prior | Actual |
| Crude oil inventories (weekly change) | 8.5 M barrels | -2.4 M barrels | | Gasoline (weekly change) | -1.4 M barrels | -0.5 M barrels | | Distillates (weekly change) | -0.3 M barrels | -0.5 M barrels |
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Highlights
A fall-off in weekly oil imports more than offset a small rise in domestic production to make for a moderate 2.4 million barrel draw in oil inventories during the September 21 week. Commercial oil inventories stand at 365.2 million barrels, which is still extremely heavy and above the historical upper limit.
Refineries cut back production of gasoline where inventories are down 0.5 million barrels which is the ninth straight weekly draw though the lowest of the streak. Distillate inventories are also down 0.5 million barrels for a second straight draw.
Demand indications based on wholesale supplies are mixed with gasoline edging down from high levels in August and with distillates steady. Following today's report oil is down nearly $1 to the $89 area but the dip appears to be tied to troubles for global stocks which are reacting to increasing tensions in Europe.
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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=23257)
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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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