The Anfield faithful left with a feeling of frustration so often felt during last season's miserable home run, but Houllier insists that he was satisfied with the performance of his team.
Houllier said: "We created the best chances and we had enough chances to win the game. We had five in the first half and six good chances in the second, but Valencia were more clinical.
"They are a good side and scored the second goal on the break after Harry Kewell had almost scored.
"Emile had some good chances after great passing from Danny Murphy and Michael had some good chances too. If we were more clinical in front of goal then we could have won 4-2 or 5-3."