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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
11/28/07
For
wk 11/23 2007 |
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Crude oil inventories (weekly change)
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| Actual |
-0.5M barrels
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| Previous |
-1.1
M barrels
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Highlights
Crude oil stocks fell 0.5 million barrels in the Nov. 23 week but crude stocks at the key refinery in Cushing, Oklahoma rose 0.6 million barrels to 15.2 million, a factor that's likely to keep a lid on gains in oil prices. Also keeping a likely lid on price gains are distillate stocks which dipped 0.1 million barrels to 130.9 million. Talk was heavy that distillate stocks would show a steep draw down. Gasoline stocks rose 0.7 million barrels to 196.6 million.
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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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