| Actual | Previous | |
|---|---|---|
| Crude Oil Inventories - W/W | -0.6M barrels | -0.7M barrels |
| Gasoline Inventories - W/W | -0.8M barrels | -1.1M barrels |
| Distillate Inventories - W/W | -0.2M barrels | 0.0M barrels |
Highlights
Crude oil inventories fell by 0.6 million barrels in the week of July 21 to 456.8 million from 457.4 million in the previous week. The latest weekly total put inventories 2 percent above the 5-year average for this time of year, but up 8.2 percent from a year ago.
Product inventories showed motor gasoline down 0.8 million barrels from a week ago and are about 7 percent below the 5-year average for this time of year, and down 3.3 percent from a year ago. Distillates inventories declined 0.2 million barrels and are about 14 percent below the 5-year average level for this time of year, and up 5.6 percent from a year ago.
Overall product demand over the last four weeks averaged 20.5 million barrels a day, up by 2.2 percent from the same period last year. Gasoline demand over the past four weeks averaged 9.0 million barrels a day, up 2.6 percent from the same period last year. Distillate fuel demand averaged 3.5 million barrels a day over the past four weeks, down 6.8 percent. Jet fuel demand was up 0.5 percent compared with the four-week period last year.
Product inventories showed motor gasoline down 0.8 million barrels from a week ago and are about 7 percent below the 5-year average for this time of year, and down 3.3 percent from a year ago. Distillates inventories declined 0.2 million barrels and are about 14 percent below the 5-year average level for this time of year, and up 5.6 percent from a year ago.
Overall product demand over the last four weeks averaged 20.5 million barrels a day, up by 2.2 percent from the same period last year. Gasoline demand over the past four weeks averaged 9.0 million barrels a day, up 2.6 percent from the same period last year. Distillate fuel demand averaged 3.5 million barrels a day over the past four weeks, down 6.8 percent. Jet fuel demand was up 0.5 percent compared with the four-week period last year.
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.
Description
Petroleum product prices are determined by supply and demand - just like any other good and service. During periods of strong economic growth, one would expect demand to be robust. If inventories are low, this will lead to increases in crude oil prices - or price increases for a wide variety of petroleum products such as gasoline or heating oil. If inventories are high and rising in a period of strong demand, prices may not need to increase at all, or as much. During a period of sluggish economic activity, demand for crude oil may not be as strong. If inventories are rising, this may push down oil prices.
Crude oil is an important commodity in the global market. Prices fluctuate depending on supply and demand conditions in the world. Since oil is such an important part of the economy, it can also help determine the direction of inflation. In the U.S., consumer prices have moderated whenever oil prices have fallen, but have accelerated when oil prices have risen.
Crude oil is an important commodity in the global market. Prices fluctuate depending on supply and demand conditions in the world. Since oil is such an important part of the economy, it can also help determine the direction of inflation. In the U.S., consumer prices have moderated whenever oil prices have fallen, but have accelerated when oil prices have risen.
