Natural gas trading range for the day is 215-232.4.Natural gas gains recovering some of its losses on short covering after prices dropped in the week as mild weather replaced predictions of severe cold. Natural gas is used to heat half of the homes in the U.S., and is largely influenced by changes in weather expectations. EIA reported an inventory decline of 49 billion cubic feet for the week ended Dec. 30, which fell short of expectations for a larger withdrawal from storage.
Crude oil trading range for the day is 3607-3737.Crude oil gained as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases. Production cuts by OPEC kingpin Saudi Arabia and signs that it plans further trims have helped buoy the market. The Kingdom cut oil output in January by at least 486,000 bpd to 10.058 million bpd, fully implementing an agreement by OPEC.