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Crude Oil and Natural Gas Updates for 19 Dec 2016

Crude Oil and Natural Gas Updates for 19 Dec 2016

Crudeoil trading range for the day is 3387-3589.Crude oil gained as support seen after Goldman Sachs boosted its price forecast for 2017.Russia said that all of the country’s oil companies, including top producer Rosneft, had agreed to reduce output. Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.

Naturalgas trading range for the day is 224-236.Natural gas prices continued their downward slide amid a warmer temperature outlook in the coming weeks. Looking to the end of the month, expectations are growing for above-average temperatures, eating away at demand expectations. The U.S. EIA said in its weekly report that natural gas stockpiles fell by 147 billion cubic feet in the week ended Dec. 9.

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