Crude oil gained on signs that Saudi Arabia was fulfilling a pledge to cut exports and U.S. equities pared some of their losses.
Prices fell on expectations of oversupply amid surging U.S. production and concerns about a global economic slowdown.
U.S. crude output rose to an all-time high of 11.537 million barrels per day (bpd) in October, the Energy Information Administration (EIA) said.
On the production side, all eyes will be on the ongoing surge in U.S. output and on OPEC’s and Russia’s supply discipline.
CRUDE OIL TRENDS >> Down Way …
Naturalgas trading range for the day is 200-217.6.
Natural gas prices dropped on forecasts for warmer weather and lower demand through mid-January.
Meteorologists predicted the weather would remain warmer than normal through Jan. 13 before turning seasonally cold for a few days.
That warmth will allow utilities to keep more gas in storage than usual for a few more weeks, cutting the vast storage deficit.
Stockpiles are now 19 percent below normal for this time of year and at their lowest in 13 years.
NATURAL GAS TRENDS >> Slight UP Way …
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