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CRUDEOIL

* Crude oil trading range for the day is 6402-6774.

* Crude oil prices rose on expectations of a drop in Russian crude supply

* Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, Deputy Prime Minister Alexander Novak said.

* U.S. storm seen hitting transport demand, but boosting heating oil usage

* China COVID cases, rate hikes, recessions fears cap gains.

BUY CRUDEOIL JAN 2023 @ 6550 SL 6450 TGT 6650-6750.MCX

NATURAL GAS

* Natural gas trading range for the day is 391.9-449.5.

* Natural gas reversed all of its losses as extreme cold boosted spot power and gas prices to their highest in years across much of the country Crude oil prices rose on expectations of a drop in Russian crude supply Monday, December 26, 2022

* U.S, Canada natgas output could hit growing pains in 2023

* Gas stockpiles are currently about 0.4% below the five-year (2017-2021) average for this time of year.

* Average gas output in the U.S. Lower 48 states eased to 99.4 bcfd so far in December, down from a monthly record of 99.5 bcfd in November.

BUY NAT GAS JAN 2023 @ 420.00 SL 405.00 TGT 440.00-460.00.MCX

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