Crudeoil trading range for the day is 3701-3949.
Crude oil prices rise after a report from OPEC showed its production fell sharply last month, easing fears about prolonged oversupply.
Monday, January 21, 2019 OPEC cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said.
OPEC said in its monthly report that its oil output fell by 751,000 bpd in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.
OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.
BUY CRUDEOIL 19 FEB 2019 @ 3670 SL 3640 TGT 3720-3760.MCX.
Naturalgas trading range for the day is 221.1-252.7.
Natural gas dropped on a forecast for less cold weather next week and reduced concerns about fuel in storage.
With slightly less cold expected, Refinitiv, reduced its demand projection for next week for the Lower 48 U.S. states to 119.2 billion cubic feet per day.
Colder forecasts for the next few weeks renewed concerns about low stockpiles and revived the extreme volatility seen at the end of 2018.
Cme Raises Natural Gas Henry Hub Future (Ng) Margins By 9.5 Percent To $4,600 Per Contract From $4,200 For Feb. 2019.
SELL NAT GAS JAN BELOW 243.50 SL ABV 248.20 TGT 236.50-228. MCX (STBT).
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