Crude-oil futures recoiled back in Asian trading hours after missing overnight

Along the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $102.96 a barrel at 0515 GMT, up $0.24 in the Globex electronic session.

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Intermediate futures for settlement in July traded for $102.78 per barrel at 6:51 GMT on the New York Mercantile Exchange, up 0.06% – West Texas. Prices ranged from $102.76 to $103.11 per barrel. Yesterday the US benchmark lost 1.34%. So far this week the contract has fallen by 1.57%, though it did near a three-month peak at $104.50 per barrel.

Gasoline inventories nationwide fell by 1.44 million barrels last week, said the API, which collects information on a voluntary basis from operators of refineries, bulk terminals and lines. The EIA report will probably show they were unchanged at 213.4 million, granting to the average estimate of 11 analysts surveyed by Bloomberg.

For the moment, even as Ukrainian forces continue to clash with pro-Russian separinists, Russian President Vladimir Putin is expected to take on Western leaders next week, for the first time since annexing Crimea, in Normandy to mark the 70th day of remembrance of the D-Day landings.

Natural gas gained 13 full stops to trade at 4.616 ahead of the delayed inventory release. Summer seems to be arriving a bit early helping increase demand for air conditioning as temperatures across the US took a hop over the Memorial weekend holiday and forecasts call for higher temperatures.

US net natural gas imports fell 14% last year to 1,311 Bcf, the short level since 1989, as US production likely set a new record, the Energy Information Administration said Wednesday. The agency said total imports in 2013 fell 8% to 2,883 Bcf from the 2012 level.

For June, ICE gasoil changed hands at $905.50 a metric ton, up $2.00 from Wednesday’s agreement.

If Brent manages to infiltrate the first key support at $109.35, it will likely remain down to test $108.88. With the second support broken, downside movement may extend to $108.36 per barrel.

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