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CRUDE OIL:

Observations:

Crudeoil trading range for the day is 6040-6334.

Crude oil prices dropped due to rising supply in Libya and Norway

Production at the Sharara oilfield in Libya restarted after protests

Norway's crude production exceeded analysts' forecasts

Global oil demand growth forecast by the IEA is lower than OPEC's projection

BUY CRUDEOIL FEB @ 6120 SL 6020 TGT 6220-6320. MCX

NATURAL GAS:

Observations:

Naturalgas trading range for the day is 187.2-208.

Natural gas dropped due to forecasts of decreased demand and increased output.

The extreme cold caused daily gas demand to reach a record high and cut output to a one-year low

Gas output in the Lower 48 states has decreased in January compared to December, but is expected to increase in the coming days.

Temperatures in the Lower 48 states are projected to remain warmer than normal until at least February 7.

BUY NATURALGAS JAN @ 195 SL 190 TGT 202-206. MCX