2017 Economic Calendar
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EIA Petroleum Status Report  
Released On 9/27/2017 10:30:00 AM For wk9/22, 2017
PriorActual
Crude oil inventories (weekly change)4.6 M barrels-1.8 M barrels
Gasoline (weekly change)-2.1 M barrels1.1 M barrels
Distillates (weekly change)-5.7 M barrels-0.8 M barrels

Highlights
Gasoline stocks, up 1.1 million barrels in the September 22 week to 217.3 million barrels, are rebuilding after 3 weeks of steep draws following Hurricane Harvey's landfall in Texas. Distillate stocks are still down, 0.8 million barrels lower in the week at 138.0 million.

Commercial crude stocks also fell, down 1.8 million barrels to 471.0 million. When including the strategic reserve, which was drawn down 0.8 million barrels in the week in support of energy production in the wake of Hurricane Irma, stocks fell 2.6 million barrels to 1.15 billion.

Refineries are upping their production following the hurricane interruptions, operating at 88.6 percent of capacity, up 5.4 percentage points following a 5.5 point increase in the prior week. The price of West Texas Intermediate is down slightly following the results, just under $52.

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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