5/19/2016, 5:05 PM (Source: TeleTrader)
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Gas inventories increase as crude, natural gas drop

The weekly natural gas storage report from the United States Energy Information Administration (EIA) stated the stock was recorded at 2,754 billion cubic feet (Bcf) for the week ending May 13, increasing 73 Bcf from the week before. The gas storage stands 791 Bcf higher than in the same period last year while the total working gas is above the five-year historical range.

Natural gas for June delivery fell 2.03% to $28.89 at 5:00 p.m. CET.

Meanwhile, crude continued to trade lower on Thursday after the markets opened in the United States. The downward trend that started earlier today was mostly due to the release of the oil inventories report in the United States yesterday, showing a 1.3 million barrels stock increase in the week ending May 13. The oil futures were also trading lower over Iran’s rising export to Europe and Asia, as the country expected to export 2.1 million barrels per day in May, increasing 60% from the same period last year.

A volatile crude market last week was greatly affected by output disruptions in Venezuela, Nigeria, and Canada.

International benchmark for oil Brent for July delivery fell 1.94% to $47.61 per barrel at 5:01 p.m. CET, extending losses further from this morning’s price of $48.06 per barrel at 9:38 a.m. CET.

West Texas Intermediate (WTI) for June delivery decreased 1.84% to $46.92 per barrel at 5:02 p.m. CET, experiencing an additional decline from today’s $47.38 per barrel at 9:38 a.m. CET.

Breaking the News / VK