2012 Economic Calendar
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EIA Petroleum Status Report  
Released On 10/3/2012 10:30:00 AM For wk9/28, 2012
PriorActual
Crude oil inventories (weekly change)-2.4 M barrels-0.5 M barrels
Gasoline (weekly change)-0.5 M barrels0.1 M barrels
Distillates (weekly change)-0.5 M barrels-3.7 M barrels

Highlights
Oil imports and domestic production of oil both rose in the September 28 week but, for inventories, it wasn't enough to offset rising demand from refineries. Commercial oil inventories fell 0.5 million barrels in the week to 364.7 million. Operating at 88.2 percent of capacity, refineries increased output of gasoline where inventories rose fractionally. But for the smaller category of distillates, refineries cut back on output with distillate inventories down 3.7 million barrels.

A negative in the report is a weak indication for gasoline demand. Wholesale supplies of gasoline are down for a fourth week in a row which points to weak sales at gasoline stations. In a bit of an offset, distillate demand is firming which hints at strengthening in industrial and shipping demand. Oil is moving slightly lower 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
 
 

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