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