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CRUDEOIL

Crude oil trading range for the day is 6094-6882.

Crudeoil dropped as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.

G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official.

Pressure also seen amid demand concerns relating to China, which has been grappling with a surge in COVID-19 cases, with Shanghai tightening rules.

Crude oil inventories sagged by another 4.2 million barrels – API

BUY CRUDEOIL DEC 2022 @ 6250 SL 6150 TGT 6450-6550.MCX

NATURAL GAS

Natural gas trading range for the day is 538.2-643.2

Natural gas rose as supply concerns reemerged again

Gazprom warned it will curb gas traveling through Ukraine from November 28th

Workers at the largest US rail union voted against a tentative contract deal reached in September, raising the possibility of a year-end strike

A rail strike would disrupt shipments of coal to utilities, forcing power generators to burn more gas to produce electricity.

SELL NAT GAS NOV 2022 @ 605.00 SL 625.00 TGT 580.00-560.00.MCX

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