Both Natural Gas and Crude Oil were higher in this morning’s trading, as investors reacted to a mixed set of inventory release data.
In a report released by US Energy Information Administration, official data revealed on Wednesday that U.S. Gasoline Inventories declined more than expected in the last quarter. U.S. Gasoline Inventories dropped to a seasonally adjusted annual rate of -6.555M. This was down from the -0.546M recorded in the preceding quarter. Market expectations were for a -1.400M decline in the last quarter.
In a seperate report released by Energy Information Administration, official data showed on Wednesday that U.S. crude oil inventories increased more-than-expected in February. The report revealed that U.S. Crude Oil Inventories increased to a seasonally adjusted annual rate of 8.209M, from the 1.501M recorded in January. Analysts were expecting U.S. Crude Oil Inventories to increase 1.967M in February.
Despite the mixed data releases, both Natural Gas and Crude Oil made gains in Asian and early European trading. A weakened US Dollar provided a level of support for some dollar-priced commodities. However, with many investors focused on whether or not there will be an interest rate increase, gains in Natural Gas and Crude Oil were kept in check.
At time of writing, Natural Gas was 0.04% higher, whilst Crude Oil was up 0.24%.