|
|
|
EIA Petroleum Status 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
|
| Released on
2/28/07
For
wk 2/23 2007 |
|
Crude oil inventories (weekly change)
|
| Actual |
1.4M barrels
|
| Previous |
3.7
M barrels
|
|
|
|
|
|
Highlights
Weekly petroleum inventory data for the Feb. 23 week were mixed, showing a 1.4 million barrel rise in crude stocks to 329.0 million but declines in both distillates, down 3.8 million barrels to 124.5 million, and gasoline, down 1.9 million to 220.2 million.
The decline in distillates isn't a surprise given the blast of heavy weather that hit the East Coast where demand for heating oil is centered. Distillate demand in the week was in fact up 9.7 percent year-on-year but note that the data are not broken down between home-heating oil and diesel fuel.
Refineries continue to operate at only moderate levels, at 86.0 percent of capacity in a week that saw several production disruptions. Production is likely to pick up as the spring driving season nears.
It's always hard to gauge how oil prices will react to inventory data but today's numbers shouldn't raise too much of a fuss.
|
Trends
![[Chart]](chart.gif)
|
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
|
powered by ![[Econoday]](../../../../../../../../../images/logo.gif)
|
|
Legal Notices | © Copyright 2000 - 2008.
Econoday, Inc.
|
