Crudeoil settled up 1.42% at 6161 fueled by a sharp rally in gasoline and heating oil as supplies tightened and refiners started to shut down plants for maintenance. The expectation for tight diesel and heating oil supplies sent oil prices soaring as persistently cold weather across the U. S. continued to eat into heating fuel stocks. Spiking natural gas prices in the U. S. Northeast have prompted utilities to turn to fuel oil for electricity generation in the region. Any gains in U. S. crude that would have been capped as refiners enter maintenance season were offset by the need for refiners to make heating and transportation fuels. Tough international sanctions over the past two years have cut Iran's oil exports in half. Supply snags in the North Sea sent oil prices gaining alongside sentiments that below-normal temperatures this winter will hike demand for heating oil. While updated weather-forecasting models called for a thawing trend around the third week of February, market perceptions that the winter has been cold enough so far to take its toll on heating oil bolstered the commodity. Also on Friday, the U. S. Labor Department reported earlier that the U. S. added 113,000 jobs in January, less than an expected 185,000 increase. December's figure was revised up to a 75,000 rise from a previously estimated 74,000 increase. The report also showed that 142,000 jobs were added in the U. S. private sector last month, compared to expectations for a 185,000 increase. In December, the number of jobs created in the private sector was revised up to 89,000 from a previously estimated 87,000. Now Crudeoil is getting support at 6084 and below same could see a test of 6006 level, And resistance is now likely to be seen at 6206, a move above could see prices testing 6250.

Trading Ideas:

Crudeoil trading range for the day is 6006-6250.

Crudeoil rose fueled by a sharp rally in gasoline and heating oil as supplies tightened and refiners started to shut down plants for maintenance.

The expectation for tight diesel and heating oil supplies sent oil prices soaring as persistently cold weather across the U. S.

Tough international sanctions over the past two years have cut Iran's oil exports in half.