| EIA Petroleum Status Report |
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Released On 8/1/2012 10:30:00 AM For wk7/27, 2012
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Prior | Actual |
| Crude oil inventories (weekly change) | 2.7 M barrels | -6.5 M barrels | | Gasoline (weekly change) | 4.1 M barrels | -2.2 M barrels | | Distillates (weekly change) | 1.7 M barrels | -1.0 M barrels |
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Highlights
A big drop in weekly imports made for a big draw in weekly oil inventories which fell 6.5 million barrels to 373.6 million in the July 17 week. Despite the size of the draw, which is the steepest of the year, inventories remain extremely heavy, above their upper historical limit for an eighth week in a row.
Refineries cut back production in the week making for draws in both gasoline, down 2.2 million barrels, and distillate inventories, down 1.0 million barrels. Indications on end demand from the wholesale sector are trending flat to slightly negative with gasoline down a year-on-year 3.4 percent and distillates down 2.4 percent. The sweep of draws made for only a brief and limited rise in oil which is now back below $89.
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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=22956)
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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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