Crude Oil and Natural Gas Lower as Inventory Supply Data Miss Expectations

Crude oil and Natural Gas both declined in Asian trading this morning, as yesterday’s supply data missed expectations.

Crude Oil and Natural Gas

Natural Gas

 

In a report issued by the US Energy Information Administration,  official data showed on Wednesday that U.S. gasoline inventories increased less-than-expected in the last quarter. U.S. Gasoline Inventories increased to a seasonally adjusted annual rate of 0.191M. This is down from the 3.369M recorded in the preceding quarter. Analysts expected US Gasoline Inventories to increase 1.322M in the last quarter.

Crude Oil

 

In a separate report released by the Energy Information Administration on Wednesday, U.S. crude oil inventories were shown to have declined less-than-expected in April.  U.S. Crude Oil Inventories dropped to a seasonally adjusted annual rate of -0.930M, from March’s -3.641M.  Analysts had expected U.S. Oil Inventories to decline -2.333M in April.

Crude Oil and Natural Gas Down

 

Crude Oil and Natural Gas were both lower in busy Asian markets. Adding to the inventory supply data woes, is a strengthened US Dollar.  A rising USD makes dollar-priced commodities such as Crude Oil and Natural Gas a more expensive and less attractive investment choice.

At time of writing, Crude Oil is down 0.82% with a barrel of oil trading at $47.23. Natural Gas is down 0.37%, trading at $3.213 a cubic metre.

 

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Ben Myers

After a long career in Finance which included HSBC and Bank of Ireland, Ben is now a popular commentator on the financial markets. A regular featured writer for dialyforex.com, investing.com, keyinvesting.com amongst others, Ben remains a keen trader of Forex and Binary Options.
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