Buy Crude oil Dec @ 5100 SL 5040 TGT 5170-5230. MCX - Kedia Advisory
Crude oil
BUY CRUDEOIL DEC @ 5100 SL 5040 TGT 5170-5230. MCX
Observations
Crudeoil trading range for the day is 5052-5292.
Crude oil dropped amid persistent concerns about oversupply.
IEA reaffirmed its forecast for a record supply glut, though slightly lower than last month’s estimate.
Russia increased oil production in November, Deputy Prime Minister Alexander Novak
Iran said it had seized a foreign tanker in the Gulf of Oman over alleged fuel smuggling.
Natural gas
BUY NATURALGAS DEC @ 365 SL 360 TGT 370-375. MCX
Observations
Naturalgas trading range for the day is 351.7-393.1.
Natural gas dropped as traders priced in milder weather, softer demand expectations, and near-record supply.
Forecasts show warmer-than-normal conditions through Dec 26, curbing heating demand.
Output in the Lower 48 climbed to 109.7 bcfd so far in December, edging above November’s record.
Strong production and ample inventories continue to weigh on prices.
