| EIA Petroleum Status Report |
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Released On 4/25/2012 10:30:00 AM For wk4/20, 2012
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Prior | Actual |
| Crude oil inventories (weekly change) | 3.9 M barrels | 4.0 M barrels | | Gasoline (weekly change) | -3.7 M barrels | -2.2 M barrels | | Distillates (weekly change) | -2.9 M barrels | -3.1 M barrels |
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Highlights
The steep build underway in oil inventories extended to a fifth straight week, up 4.0 million barrels in the April 20 week to 373.0 million. Inventories remain in the upper limit of their average range.
In contrast to the build in oil, product inventories of gasoline and distillates have been on the decline, down 2.2 million barrels for a 10th straight draw in gasoline and down 3.1 million for a third straight draw in distillates. Moderate output at refineries has been helping to keep product inventories down.
Another factor keeping inventories down is improving demand from wholesalers though year-on-year rates remain very weak, at minus 4.2 percent for gasoline and a fractional gain for distillates which however is the best reading of the year. Oil is down about 50 cents at $103.50 in early reaction to the headline build for oil.
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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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![[Chart]](showimage.asp?imageid=22409)
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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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