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CRUDEOIL

* Crude oil trading range for the day is 6320-6720.

* Crude oil prices fall on worries about China COVID surge

* However, downside seen limited amid hopes that easing anti-COVID measures will helprevive fuel demand in the world's second-largest economy.

* U.S. SPR crude stockpiles fall to lowest since Dec 1983 – EIA

* Russia may cut oil output by 5-7 percent in early 2023 as it responds to price caps

SELL CRUDEOIL JAN 2023 @ 6580 SL 6680 TGT 6450-6380.MCX

NATURAL GAS

* Natural gas trading range for the day is 351.7-436.1.

* Natural gas dropped amid pressure from forecasts for less cold weather and lower demandover the next two weeks.

* Projected average U.S. gas demand, including exports, would rise from 139.9 bcfd lastweek to 145.7 bcfd this week

* Freeport LNG said it was again delaying the restart of the export facility, this time fromthe end of the year to the second half of January.

* Average gas output in the U.S. Lower 48 states eased to 99.4 bcfd so far in December,down from a monthly record of 99.5 bcfd in November.

BUY NAT GAS JAN 2023 @ 380.00 SL 360.00 TGT 410.00-430.00.MCX

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