2013 Economic Calendar
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EIA Petroleum Status Report  
Released On 10/9/2013 10:30:00 AM For wk10/4, 2013
PriorActual
Crude oil inventories (weekly change)5.5 M barrels6.8 M barrels
Gasoline (weekly change)3.5 M barrels0.1 M barrels
Distillates (weekly change)-1.7 M barrels3.1 M barrels

Highlights
Reduced refinery activity and a rise in domestic oil production fed a large 6.8 million barrel build in oil inventories to 370.5 million. Refineries, which typically slow production at this time of year, operated at 86.0 percent for the lowest capacity rate since April.

The slowing in refinery utilization didn't prevent builds for gasoline and distillates, at 0.1 million barrels and 3.1 million. Inventories at the wholesale level are heavy which point to further refinery slowing in the weeks ahead.

Inventory builds aren't a positive for oil which is down about 25 cents to $101.50 following today's report.

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
 
[Chart]
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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