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Crudeoil

Observations

Crudeoil trading range for the day is 5470-5840

Crude oil gains largely due to some short-covering and speculative buying.

OPEC output rises 120,000 bpd from November – survey Nigerian output rises by 170,000 bpd, biggest gain in group

Quota-bound members undershoot target by 780,000 bpd

Naturalgas

Observations

Naturalgas trading range for the day is 167.9-183.7

Natural gas fell on rising output Pressure also seen amid a decline in the amount of gas flowing to U.S. LNG export plants in recent days.

US utilities added 79 billion cubic feet (bcf) of gas into storage

Last week's increase boosted stockpiles to 2.009 trillion cubic feet (tcf), 525 bcf higher than last year at this time

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