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EIA Petroleum Status Report  
Released On 5/17/2017 10:30:00 AM For wk5/12, 2017
Crude oil inventories (weekly change)-5.2 M barrels-1.8 M barrels
Gasoline (weekly change)-0.2 M barrels-0.4 M barrels
Distillates (weekly change)-1.6 M barrels-1.9 M barrels

Crude oil inventories fell 1.8 million barrels in the May 12 week to 520.8 million, the sixth consecutive weekly drawdown which narrowed the gain on the year ago level by 0.6 percentage points to 2.2 percent. Product inventories also declined in the week, with gasoline down 0.4 million barrels to 240.7 million, but up 1.1 percent from the same period last year, and distillates down 1.9 million barrels to 146.8 million, a 3.5 percent decrease from last year at this time. While the drawdowns were mostly in line with most forecasts by analysts, those forecasts had been put in question prior to the EIA report when the American Petroleum Institute, a private industry group, reported late Tuesday in its weekly release to clients that crude stocks were up 882,000 barrels in the week. The price of WTI futures jumped up about 70 cents to around $49.30 per barrel immediately following the release of the EIA report.

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
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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