Buy Crude Oil Dec @ 5120 SL 5040 TGT 5200-5280. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 5120 SL 5040 TGT 5200-5280. MCX
Observations
Crudeoil trading range for the day is 5027-5329.
Crude oil eased as oversupply concerns outweighed worries that Russian shipments will remain under sanctions.
Russia’s Novak said Moscow and Beijing have been discussing ways to expand Russian oil exports to China.
Deutsche Bank sees a 2026 crude oil surplus of at least 2 million barrels per day.
JPMorgan forecast Brent crude at $57 a barrel and WTI at $53 in 2027, while keeping its 2026 estimates unchanged at $58 and $54 respectively
NATURAL GAS
SELL NATURALGAS DEC @ 406 SL 412 TGT 400-395. MCX
Observations
Naturalgas trading range for the day is 378.5-428.5.
Natural gas slipped as near-record production and strong storage levels kept the market well supplied.
Output in the Lower 48 has averaged 109.1 bcfd so far in November, up from 107.3 bcfd in October.
Forecasts indicate mild conditions through November 26, followed by colder-than-normal temperatures from November 28 to December 5, which could lift demand.
LNG exports are also rising: flows to the eight major US terminals have averaged 18 bcfd in November, up from the record 16.6 bcfd in October.
