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EIA Petroleum Status Report
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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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| Released on
2/7/07
For
wk 2/2 2007 |
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Crude oil inventories (weekly change)
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| Actual |
-0.4M barrels
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| Previous |
0.8
M barrels
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Highlights
Crude oil stocks fell 0.4 million barrels in the Feb. 2 week to 324.5 million. This along with a 3.7 million barrel draw down in distillate stocks may help oil test the $60 level this session. Gasoline stocks were up 2.6 million barrels in the week, but it's the distillate category at this time of year -- specifically heating oil which the Energy Information Agency noted declined in the week -- that the oil market looks at most closely.
Inventories had been swelling due to what had been a warm winter on the East Coast, the region where demand for home heating oil is concentrated. But an ongoing cold blast, along with growing indications of overall economic strength, may point to rising demand -- and rising oil prices -- ahead.
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Trends
![[Chart]](chart.gif)
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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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