Sell Crudeoil Dec 2021 @ 5800 SL 5880 TGT 5720-5660.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4694-6072.
Crude oil plunged as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.
U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said
U.S. crude stocks in the Strategic Petroleum Reserve fell last week to the lowest since June 2003, Energy Information Administration data showed
SELL CRUDEOIL DEC 2021 @ 5800 SL 5880 TGT 5720-5660.MCX
NATURAL GAS
Natural gas trading range for the day is 359.3-437.7.
Natural gas jumped supported by forecasts for slightly higher heating demand than previously expected.
That increase came even though 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
BUY NAT GAS DEC 2021 @ 378.00 SL 366.00 TGT 390.00-398.00.MCX
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