Buy Natural Gas Dec 2022 @ 570.00 SL 550.00 TGT 610.00-630.00.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6239-6619.
Crude rose prompted by hopes that China would soon relax some of its covid restrictions, which could boost oil demand.
Further, speculations that OPEC+ may agree on another production cut in its December 4th meeting also pushed oil prices higher.
EU governments failed to agree on the Russian price cap which is due to come into effect on December 5th.
OPEC+ started to lower its output target by 2mbpd in November, aiming to shore up oil prices.
SELL CRUDEOIL DEC 2022 @ 6500 SL 6600 TGT 6350-6250.MCX
Natural gas
Natural gas trading range for the day is 568.5-617.7.
Natural gas gains amid prospects of robust heating demand during the winter months.
Meanwhile, investors remained concerned about possible coal supply disruptions.
Workers at the largest US rail union voted against a tentative contract deal reached in September, raising the possibility of a year-end strike
EIA data showed US utilities pulled 80 billion cubic feet of gas from storage
BUY NAT GAS DEC 2022 @ 570.00 SL 550.00 TGT 610.00-630.00.MCX
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