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CRUDE OIL

Crude oil trading range for the day is 6016-6294.

Crude oil dropped as investors worried about fuel demand as the global economy slows and COVID-19 cases grow in China.

Barclays sees $15-25/bbl downside to its oil view if slowdown worsens

U.S. shipments of crude oil via rail in October fell by 22,000 bpd from the previous month to 243,000 bpd

U.S. total product supplied of petroleum products fell by a record 4.6 mbpd last week to 18.2 million bpd

BUY CRUDEOIL JAN 2023 @ 6120 SL 6020 TGT 6220-6300.MCX

NATURAL GAS

Natural gas trading range for the day is 274.4-342.8.

Natural gas fell on rising output and forecasts for lower heating demand than previously expected for this week.

The market's biggest uncertainty remains when Freeport LNG will restart its liquefied natural gas (LNG) export plant in Texas

Gas speculators last week boosted their net short futures and options positions for a third week in a row to their highest since October 2022.

Average gas output in the U.S. Lower 48 states rose to 98.3 bcfd so far in January, up from 96.7 bcfd in December

BUY NAT GAS JAN 2023 @ 290.00 SL 270.00 TGT 315.00-325.00.MCX

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