NYMEX Crude Settles Lower on Bearish Supplies
Crude futures settled lower on the New York Mercantile Exchange Wednesday as government data underscored a rise in crude stockpiles for the previous week.
Posting a slight loss of 17 cents from yesterday's final price tag, the price of light, sweet crude oil for June delivery closed the session at $83.68 a barrel. Crude oil's front-month contract for May expired at $83.45 a barrel on Tuesday. Conversely, NYMEX gasoline futures maintained a positive settlement of $2.28 a gallon.
Today, the Energy Information Administration reported that crude oil and gasoline inventories increased by 2.1 million barrels and 3.6 million barrels, respectively.
Also posting a loss on the commodity exchange, natural gas spot prices at the Henry Hub inched down to $3.96 per thousand cubic feet, or just below a $4 threshold.