MCX Crude Oil & Natural gas Trading Range Updates for Today

Crude oil trading range for the day is 3439-3627.Crude oil gained fuelled by optimism about the prospect of a tightening market after OPEC members agreed to cut production last week. Russia has said it will cut production by 300,000 barrels a day, but said it would do so at November levels.U.S. energy firms extended their recovery in oil drilling into a seventh month last week, data from energy services firm Baker Hughes showed.

Natural gas trading range for the day is 232.5-256.3.Natural gas prices rallied as cooler forecasts continue raising expectations for demand.Natural gas producers trimmed the number of active drilling rigs heading into this winter to a record low.Exports are rising, too, and with all that demand, there just isn’t enough drilling to keep supplies as high as they have been in the past year.

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