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CRUDEOIL

Crude oil trading range for the day is 5940-6212.

Crude oil gained on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant.

Hopes that the spread of the Omicron variant will not derail the global economy and adversely impact energy demand supported oil prices.

EIA seeing total U.S. demand rising by 840,000 barrels per day (bpd)in 2022 from last year

OPEC+ oil producers continue to hold back more than 3 million barrels per day in output, while sanctions on Iran pin back its exports.

BUY CRUDEOIL JAN 2022 @ 5950 SL 5850 TGT 6050-6120.MCX

NATURAL GAS

Natural gas trading range for the day is 295.1-377.3.

Natural gas jumped after the latest forecasts confirmed earlier outlooks for an extremely cold last week of January.

Production has been slow to return following freeze-offs and other weather-related declines over New Year's weekend.

U.S. natural gas stocks returned to normal by the end of last year as a result of an exceptionally mild start to the heating season and high prices

Refinitiv said output in the U.S. Lower 48 states averaged 94.7 bcfd so far in January, down from a record 97.6 bcfd in December.

BUY NAT GAS JAN 2022 @ 305.00 SL 296.00 TGT 316.00-320.00.MCX

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