Buy Crudeoil JAN 2022 @ 5900 SL 5800 TGT 6020-6060.MCX
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CRUDEOIL
Crude oil trading range for the day is 5745-6029.
Crude oil dropped on profit booking after but prices ended the week with gains on supply concerns amid escalating unrest in Kazakhstan and outages in Libya.
Investors are also pinning hopes that the Omicron variant of the coronavirus will not significantly impact global oil demand.
OPEC oil output boost in December again undershoots target
Production in Libya has dropped to 729,000 bpd, down from a high of 1.3 million bpd last year, partly due to pipeline maintenance work.
BUY CRUDEOIL JAN 2022 @ 5900 SL 5800 TGT 6020-6060.MCX
NATURAL GAS
Natural gas trading range for the day is 277.9-302.9.
Natural rose as a major winter storm blankets the Northeast in snow, driving overall gas demand to its highest in a day since hitting a record in 2019.
U.S. EIA said U.S. utilities pulled just 31 bcf of gas from storage during the week ended Dec. 31, the smallest withdrawal from storage in December since 2018.
On a daily basis, Refinitiv projected total U.S. gas demand plus exports would reach 147.9 bcfd on Friday, its highest since hitting a record 150.6 bcfd on Jan. 30, 2019.
Data provider Refinitiv said those weather-related problems, have cut average output in the U.S. Lower 48 states to 94.5 bcfd so far in January
BUY NAT GAS JAN 2022 @ 284.00 SL 275.00 TGT 295.00-302.00.MCX
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