Energy Complex Ends Lower

Updated from 1:19 p.m. EDT

Energy futures closed broadly lower in Thursday's trading session at the New York Mercantile Exchange after the Energy Information Administration released natural gas inventory figures that were largely in line with expectations.

The April contract for crude oil fell 61 cents to $57.55 per barrel. Gasoline was 4 cents lower at $1.88 per gallon. Heating oil edged 2 cents lower to $1.69 per gallon.

The near-term contract for natural gas dropped 12 cents to $6.96 per million British thermal units.

The Energy Information Administration reported that U.S. natural gas inventories declined by 115 billion cubic feet during the previous week. Analysts at Barclays Capital were expecting a 116 Bcf draw on stores.

Gasoline has largely been the catalyst for volatility in energy markets over the last week, according to analysts. Wednesday's report by the EIA that draws from gasoline stores were in line with analyst estimates appears to have eased the volatility.

According to Edward Meir, energy analyst at Man Financial, energy markets are now firmly in the "shoulder months" between the winter heating season and the summer driving season. "This is easily the weakest quarter" for energy markets, Meir said.

As summer approaches, cold weather will be slowly supplanted by gasoline demand and the hurricane season as instigators of volatility in energy markets, Meir said.

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