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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
5/9/07
For
wk 5/4 2007 |
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Crude oil inventories (weekly change)
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| Actual |
5.5M barrels
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| Previous |
1.1
M barrels
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Highlights
Weekly petroleum data are headlined by the stabilization of gasoline stocks, which edged up 0.2 percent in the week of May 4 to 193.5 million. Crude oil stocks were up 5.5 million barrels in the week to 341.2 million. Both crude oil and gasoline stocks remain below their levels a year ago by 1.7 percent and 7 percent respectively.
With the U.S. driving season here, stocks of gasoline continue to remain well below their average range. Refineries operated at 89 percent of capacity as repairs continue to hamper operations.
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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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