The Gunners boss was unhappy with his side's lack of chances against Southampton, which came on the heels of a seven-goal outing against Newcastle.
After putting seven past Newcastle in their last outing, the Gunners largely failed to test Saints goalkeeper Artur Boruc, with Guly do Prado's own goal providing their solitary breakthrough. Wenger bemoaned his side's lack of creativity after dominating their opponents in recent matches, but admitted a draw was a fair result with the hosts defending resolutely.
"Considering our performance, I don't think we deserved more today," Wenger told reporters. "It's two points lost if you look at the target we had over Christmas. We were not very good. Offensively we didn’t create enough. I felt we lacked sharpness and desire really to get in the box and create what we can do.
"It's frustrating and disappointing, because we didn't create a lot today after having scored five at Reading and seven against Newcastle. Our game lacked purpose, lacked penetration and lacked speed, all qualities we usually have.
"Maybe Southampton deserve some credit as well. They did fight for every single ball they were on their toes. Did we underestimate Southampton? I hope not."
After scoring a superb hat-trick against the Magpies last time out, Theo Walcott struggled to make a similar impact upon returning to his former club. Wenger refused to blame the England international, though, instead suggesting that he did not receive good service.
"I believe overall collectively we were not good enough," Wenger said. "I wouldn’t like to go into individual performances and judgements, but [Walcott] didn’t get a lot of service today [and] it wasn’t easy to play up front."