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Published on 23/11/2020 1:41:27 PM | Source: Kedia Advisory

Crude oil trading range for the day is 3073-3177. - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Crude oil

Crude oil trading range for the day is 3073-3177.

Crude oil gained bolstered by prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check

Saudi crude exports rise to 6.07 mln bpd in September -JODI

Oversupply concerns continue to weigh though as Libya has boosted its production much faster than had expected, after shut-ins from the country's conflict.

Loadings of Libya's largest crude stream are set to increase, after the OPEC member raised production to pre-blockade levels of 1.25 million bpd.

BUY CRUDEOIL DEC 2020 @ 3110 SL 3040 TGT 3180-3220.MCX

 

Natural gas

Natural gas trading range for the day is 187.9-202.9

Natural gas rose buoyed by record-high liquefied natural gas (LNG) exports and forecasts for cooler weather and higher heating demand in early December.

The price increase came despite a mostly steady rise in output this month.

Data provider Refinitiv said output in the Lower 48 U.S. states averaged 89.8 billion cubic feet per day (bcfd) so far in November

Refinitiv projected demand, including exports, would drop from 103.3 bcfd this week to 99.5 bcfd next week

BUY NAT GAS NOV 2020 @ 202.50 SL 196.00 TGT 210.00-214.50.MCX

 

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