NYMEX crude oil prices declined 1.7 percent on Thursday mainly on the back of weak economic data from the US which has increased the worries about oil demand from the world’s largest economy. Prices touched an intra-day low or $98.16/bbl and closed at S98.44/bbl.
On the MCX crude oil May contract declined around 2 percent and touched an intra-day low or 4416/bbl on Thursday. Appreciation in the Indian Rupee led further losses on the domestic bourses yesterday.
Natural gas
Natural Gas Inventories increased
Report released by the Us Energy Department yesterday showed that natural gas stocks increased more than expected by 92 billion cubic feet (bcf) for the week ending 14th May.
Gas prices declined sharply by 2.3 percent on the NYMEX mainly due to rise in the Us natural gas inventories.
Prices touched an intra-day low $ 4.088 /mm8tu and close at $4.092/mmBtu on Thursday. On the MCX natural gas May contract declined around 3 percent on account of Rupee appreciation and closed at 185.1 yesterday.
