IGI Logo

Crude oil

* Crude oil trading range for the day is 6317-6547.

* Crudeoil gains on expectations of improved demand growth in China and hopes of lessaggressive rate hikes in the United States.

* China's decision to reopen its international borders boosted hopes of higher oil demand.

* U.S. crude stocks built unexpectedly last week, the Energy Information Administration said

* Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.5 million barrels in the last week, EIA said.

SELL CRUDEOIL JAN 2023 @ 6500 SL 6600 TGT 6400-6320.MCX

Natural gas

* Natural gas trading range for the day is 277.1-318.1.

* Natural gas dropped as soaring domestic production offset prospects of a recovery in demand amid colder weather

* US natural gas production is likely to grow more than 2% this year to a record daily average of 100.3 billion cubic feet

* EIA data showed that utilities unexpectedly injected 11 bcf into storage last week.

* Freeport LNG export plant in Texas, again delayed the restart to the second half of January, leaving more supply on the domestic market.

BUY NAT GAS JAN 2023 @ 290.00 SL 275.00 TGT 310.00-320.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer