January Crude Oil closed up 0.84 at 46.90. This was 1.76 up from the low and 0.75 off the high.
January Heating Oil closed up 3.73 at 152.35. This was 6.59 up from the low and 1.75 off the high.
January RBOB Gasoline finished up 3.24 at 140.85, 2.00 off the high and 5.40 up from the low.
January Natural Gas finished up 0.15 at 3.35, 0.00 off the high and 0.10 up from the low.
The crude oil market ranged down for a new low for the move to start out the trading week, but prices at least initially rejected that slide. We suspect that price volatility will remain very high going into the Wednesday producers meeting as players jockey for smaller production cuts. Undermining sentiment going forward is a suggestion from Saudi Arabia that the crude oil market would rebalance itself without production cuts as that would seem to reduce the pressure for a deal in Vienna. With the Press coverage suggesting that the lack of a deal will result in a significant washout in price, the stakes of the Vienna meeting are becoming pretty high.