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Crude Oil:

Observations

Crudeoil trading range for the day is 5855-6137.

Crude oil prices dropped due to increased oil production in non-OPEC countries, particularly the US

Despite tensions in the Middle East, investors do not see any impact on oil supply

Protesters in Libya threatened to shut down more oil and gas facilities, following the closure of the Sharara field

Money managers increased their net long positions in US crude futures and options

BUY CRUDEOIL JAN @ 5950 SL 5850 TGT 6050-6150. MCX

NATURAL GAS:

Observations:

Naturalgas trading range for the day is 243.2-275.4

Natgas gas dropped on forecasts for the weather to turn warmer than normal in late January

US EIA reported a withdrawal of 140 billion cubic feet of gas from storage.

Gas output in the Lower 48 states decreased in January, with daily output expected to reach a 10-week low.

Data showed China's natural gas imports, rose 9.9% to reach 119.97 million tons in 2023.

SELL NATURALGAS JAN @ 260 SL 266 TGT 252-247. MCX