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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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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 6/27/07 For wk 6/22 2007 | ||||||||
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Highlights
Crude oil stocks rose 1.6 million barrels in the June 22 week to 350.9 million, though declines in gasoline, down 0.7 million barrels to 202.6 million, and distillates, down 2.3 million to 120.4 million, will offset the effect on oil prices. Oil prices did in fact firm in immediate reaction to today's data.
Key for oil prices is refinery production which the EIA described as "flat." Stocks of gasoline are down 5.5 percent on the year, behind demand which is up 1.4 percent on the year. But refineries did pick up production in the week, operating a couple of percentage points higher at 89.4 percent of capacity.
![[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. |
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