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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
10/17/07
For
wk 10/12 2007 |
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Crude oil inventories (weekly change)
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| Actual |
1.8M barrels
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| Previous |
-1.7
M barrels
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Highlights
Speculators long on oil won't like today's inventory numbers as oil stocks rose 1.8 million barrels in the Oct. 12 week to 321.9 million. Both gasoline stocks and distillate stocks rose, up 2.8 million for gasoline and up 1.0 million for distillates. Distillate inventories, closely watched ahead of winter and the heating oil season, are well above average and offer speculators no excuse to drive up oil prices. Oil won't be testing $90 a barrel based on these numbers. Note that gains in gasoline and distillates were made despite soft production from refineries which operated well below 90 percent at 87.3 percent in the week.
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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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