Crude oil futures declined on Wednesday despite decline in inventories data by Energy Information Administration. Investors were uncertain over the latest US economic data and euro zone debt situation. Oil Analyst, Matt Smith from Summit Energy commented, “This highlights the lack of confidence in even the strongest economy in Europe, causing a flight from (euro-zone) debt, from equities, from the euro … and from crude.”

As per latest data of EIA, crude oil stockpiles declined by 6.2 million barrels last week whereas analysts were expecting the crude oil inventories to remain unchanged for the week ending November 18^th, 2011. Gasoline inventories increased by 4.5 million barrels as compared to analysts’ expected increase of 1.2 million barrels for the week. Distillates which include heating oil and diesel fell by 800,000 barrels while analysts expected the distillates inventories to fell by 1.5 million barrels for the week.

Natural gas inventories data was also released on Wednesday due to Thanksgiving holiday on Thursday. Natural gas inventories increased by 9 billion cubic feet for the week as the compared to analysts’ expected increase of 18 billion cubic feet.

Crude oil futures for January delivery fell 1.9 percent or $1.84 to $96.17 per barrel on the New York Mercantile Exchange. Gasoline futures contract for December delivery declined 1.7 percent or $0.04 to $2.52 per gallon while heating for the same month delivery plunged 2.5 percent or $0.08 to $2.96 per gallon.

Natural gas futures contract for December delivery gained 1.3 percent or $0.04 to $3.46 per million British thermal units.