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Crudeoil

Observations

Crudeoil trading range for the day is 5850-6540

Crude oil dropped amid concerns about the outlook for fuel demand, with investors weighing the prospects of a recession.

Latest data also showed that US crude inventories increased for a sixth week and expanded much more than expected.

European Union ban on Russian refined products begins Feb. 5

Russia says EU oil products ban will unbalance markets

Naturalgas

Observations

Naturalgas trading range for the day is 190.2-215.6

Natural gas dropped on forecasts for the weather to turn mostly warmer than normal through mid February

Federal regulators approved Freeport's plan to start sending gas to one of the plant's three liquefaction trains

However, downside seen limited amid roughly 3.7 bcfd drop in gas output to a one-month low of 93.9 bcfd

Meteorologists forecast temperatures across much of the U.S. Lower 48 states would remain below normal through Feb. 4

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