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2008 Economic Calendar |
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 1/31/07 For wk 1/26 2007 | ||||||||
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Highlights
Crude oil stocks rose yet again in the Jan. 26 week, up 2.7 million barrels to 324.9 million. Gasoline stocks rose 3.8 million but distillates, in a reading that will limit the effect of the data on oil prices, fell 2.6 million and reflected decreases in heating oil. Refineries continue to hold back production, operating at a moderate 87.1 percent of capacity in the week.
The week's mix of rising crude and gasoline stocks offset by a decline in distillates was expected. Still, the gain in crude stocks will be a negative for oil prices, at least until next week's data.
![[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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