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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
9/19/07
For
wk 9/14 2007 |
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Crude oil inventories (weekly change)
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| Actual |
-3.9M barrels
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| Previous |
-7.0
M barrels
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Highlights
In data that are likely to add further pressure to oil prices, U.S. crude oil stocks fell a steep 3.9 million barrels in the Sept. 14 week to 318.8 million. A partial offset to the drawdown is an increase in gasoline stocks, up 0.4 million to 190.8 million barrels. Despite the rise, however, gasoline stocks are well below average. Distillate stocks rose 1.5 million to 135.5 million, another factor that may limit the likely knee-jerk reaction to this morning's data. Production rose in the week though refineries operated at a moderate 89.6 percent of capacity.
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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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