Sell Crudeoil Dec 2021 @ 5360 SL 5450 TGT 5250-5180.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4569-5483.
Crude oil dropped after Moderna's chief cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant.
Expectations are growing that the OPEC+, will put on hold plans to add 400,000 barrels per day (bpd) to supply in January.
OPEC oil output rises by 220,000 bpd in November
Money managers cut their net long U.S. crude futures and options positions in the week to November 23
SELL CRUDEOIL DEC 2021 @ 5360 SL 5450 TGT 5250-5180.MCX
NATURAL GAS
Natural gas trading range for the day is 322.9-377.7.
Natural gas dropped as forecasts for a milder December dampened the demand outlook for the fuel used to heat homes and businesses.
Pressure also seen amid near record output caused last week's storage withdrawal to be smaller-than-usual, as expected.
EIA said utilities pulled 21 bcf of gas from storage during the week ended Nov. 19, which was the first withdrawal of the 2021-2022 winter season.
Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.2 billion cubic feet per day (bcfd) so far in November
SELL NAT GAS DEC 2021 @ 374.00 SL 386.00 TGT 360.00-354.00.MCX
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