Econoday Report: EIA Petroleum Status Report July 28, 2010

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EIA Petroleum Status Report

Released on 7/28/2010 10:30:00 AM For wk7/23, 2010

	Prior	Actual
Crude oil inventories (weekly change)	0.4 M barrels	7.3 M barrels

Highlights
Oil stocks unexpected rose 7.3 million barrels for the July 23 week. Helping boost stocks was a still high refinery operation rate of 90.6 percent. Imports continue to fuel inventory stocking. Crude oil imports averaged 11.2 million barrels per day last week, up by 1.2 million barrels per day from the previous week. Gasoline stocks edged up only $0.1 million barrels for the latest week. Overall, crude inventories are quite high as at 360.8 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. On the news, crude oil prices dipped about a buck and a quarter.

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

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