Crudeoil trading range for the day is 5390-6030 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5390-6030
Crude oil dropped on weak China data and ample supply concerns
OPEC output rises 120,000 bpd from November – survey
Nigerian output rises by 170,000 bpd, biggest gain in group
Quota-bound members undershoot target by 780,000 bpd
Naturalgas
Observations
Naturalgas trading range for the day is 168.1-189.9
Natural gas fell on rising output
Pressure also seen amid a decline in the amount of gas flowing to U.S. LNG export plants in recent days.
US utilities added 79 billion cubic feet (bcf) of gas into storage
Last week's increase boosted stockpiles to 2.009 trillion cubic feet (tcf), 525 bcf higher than last year at this time
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