Buy Crudeoil Jan 2023 @ 6600 SL 6500 TGT 6720-6800.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6517-6815.
Crude oil gains amid fears over supply disruption from winter storms across the United States and worries over a possible production cut by Russia.
Prices were also boosted by hopes that easing anti-COVID measures will help revive fuel demand in the world's second-largest economy.
U.S. SPR crude stockpiles fall to lowest since Dec 1983 – EIA
Russia may cut oil output by 5-7 percent in early 2023 as it responds to price caps
BUY CRUDEOIL JAN 2023 @ 6600 SL 6500 TGT 6720-6800.MCX
NATURAL GAS
Natural gas trading range for the day is 411.2-443.4.
Natural gas dropped amid forecasts for warmer weather and as investors continue to monitor the situation at the Freeport LNG plant.
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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