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Crude Oil and Natural Gas Daily Buzz for 28 Dec 2016

Crude Oil and Natural Gas Daily Buzz for 28 Dec 2016

Crude oil trading range for the day is 3589-3725.Crude oil gained drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers. Jan. 1 brings the official start of the deal agreed by OPEC and non-OPEC members to lower production by almost 1.8 million barrels per day. Russia oil exports would rise by almost 5 percent this year to 253.5 million tonnes, and a slight increase was expected next year.

Natural gas trading range for the day is 249.2-261.Naturalgas settled up by 1.47%, surging in light trading session as forecasts turned colder. Weather models are suggesting a high-pressure ridge will develop over Alaska and send Arctic cold down through the rest of North America in January. The recent outlook for colder weather is the latest abrupt change in weather forecasts to whipsaw natural gas prices in recent months.

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