Buy Crude Oil Dec @ 5160 SL 5080 TGT 5240-5300. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 5160 SL 5080 TGT 5240-5300. MCX
Observations
Crudeoil trading range for the day is 5134-5254.
Crude oil surged as doubts were cast on the possible success of the new U.S. proposal to end the Russia-Ukraine war.
On the supply side, OPEC+ is likely to leave output levels unchanged at its meeting.
Crude inventories climbed by 2.8 million barrels to 426.9 million barrels in the week ended November 21, the EIA said.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 68,000 barrels in the week, the EIA said.
NATURALGAS
SELL NATURALGAS DEC @ 412 SL 418 TGT 405-400. MCX
Observations
Naturalgas trading range for the day is 389.5-423.9.
Natural gas climbed on record flows to LNG export plants
Support also seen amid forecasts for colder weather and higher demand than previously expected.
LSEG said average gas output in the Lower 48 states rose to 109.7 bcfd so far in November.
Record output this year has allowed energy companies to stockpile more gas than usual, with about 5% more gas in storage
