US pure gasoline costs declined sharply as storage information shocked to the upside, reinforcing issues about near-term oversupply and weighing on NYMEX Henry Hub futures, ING’s commodity specialists Ewa Manthey and Warren Patterson word.
EIA information pushes Henry hub costs decrease
“US pure gasoline costs offered off yesterday, with NYMEX Henry Hub settling 3.4% decrease on the day. This was after Vitality Data Administration information confirmed that US pure gasoline storage elevated by 120 billion cubic toes during the last week.”
“This was barely above market expectations and properly above the 5-year common for an 87 bcf improve. It leaves complete gasoline storage at 2.375 tcf, 3.9% above the 5-year common.”
