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Natural Gas Sinks After US Supply Report, Crude Oil Extends Losses

April 4, 2019 at 15:24 by Vladimir Vyun

Prices for natural gas sank after US inventories of the commodity increased by more than ten times the amount predicted by experts. The Energy Information Administration reported that the US inventories of natural gas gained by 23 billion cubic feet last week from the week before. That is compared to an increase by just 2 billion cubic feet predicted by analysts. The stockpiles shrank by 36 billion cubic feet in the previous week. Natural gas for delivery in May fell by 1.01% to $2.65 per million British thermal units as of 15:04 on NYMEX today.

Prices for crude oil declined as well. That is despite the general positive market sentiment caused by hopes that the United States and China will resolve their trade dispute soon. Usually, crude tends to perform well when traders feel optimism, but that was not the case today. Some market analysts speculated that the reason for the commodity’s underperformance was yesterday’s unexpected sharp increase of US crude oil inventories, which continued to weigh on the commodity today. Futures for delivery of WTI crude oil in May declined 0.27% to $62.29 per barrel on NYMEX today. June contract for Brent crude was little changed at $69.31 per barrel on ICE after falling 0.1% to $68.97 per barrel earlier.

If you have any questions and comments on commodities today, use the form below to reply.

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