Crude Oil and Natural Gas Futures Win in Opening Trade of the Year


Despite fears about the spread of the Omicron variant of the coronavirus across the world, including India, crude oil futures opened higher on the first trading day of calendar year 2022. However, Covid fears limited gains around the world.

On the Multi Commodity Exchange (MCX), January crude oil futures were trading at 5,646 during the early hours this morning, up from the previous close of 5,625, up 0.37%.

March Brent oil futures were at $ 78.34, up 0.72%, and February crude oil futures on WTI were at $ 75.80, up 0 , 78%.

The scheduled OPEC + meeting on January 4 will discuss oil production plans for February. Market participants believe the meeting could stick to the 400,000 barrels per day production plan for February.

Reports say Libya’s oil production has yet to recover after an oil pipeline was damaged and workers attempt to repair the damaged structure. Reports said one of the world’s largest oil fields was shut down by militias two weeks ago. These factors are likely to have an impact on crude oil prices.

January natural gas futures were trading at 278.20 in the first hour of Monday morning, up from the previous close of 276.50, up 0.61%.

NCDEX

On the National Commodities and Derivatives Exchange (NCDEX), January jeera futures were trading at 16,565 in the first hour of Monday morning, up from the previous close of 16,255, up 1.91%.

April turmeric (farm polish) futures were trading at 9,904 on the NCDEX on Monday morning, up from the previous close of 9,608, up 3.08%.

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