WTI Crude Oil futures remained under pressure as global supply expectations weighed on an already oversupplied market. February futures saw a recovery after dropping to $55.70, a price level rarely seen over the past year. While geopolitical headlines involving Venezuela and Greenland emerged, market focus remained on fundamentals. EIA data revealed a larger-than-expected drawdown of 3.83 million barrels, though rising inventories at the Cushing, Oklahoma hub limited price gains. Natural Gas futures staged a technical rebound from $3.32, though gains remain capped by warmer Midwest weather and ample supplies.
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