Buy Crudeoil Dec @ 5300 SL 5220 TGT 5380-5450. MCX - Kedia Advisory
CRUDEOIL
Buy Crudeoil Dec @ 5300 SL 5220 TGT 5380-5450. MCX
Observations
Crudeoil trading range for the day is 5239-5379.
Crude oil edged higher as the success of a U.S. proposed peace deal to end the Russia-Ukraine war remains uncertain.
Forecasts of a global glut grew as OPEC+ resumed capacity and producers outside the group increased output.
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 mbpd and no clear path back to deficits even by 2027.
NATURALGAS
Sell Naturalgas Dec @ 430 SL 435 TGT 425-420. MCX
Observations
Naturalgas trading range for the day is 401.9-442.1.
Natural gas climbed on record flows to LNG export plants, forecasts for colder weather and higher demand.
Limiting gains were record output, ample amounts of gas in storage and lower gas prices in Europe on Ukraine peace talks.
EIA said energy firms pulled 11 billion cubic feet (bcf) of gas out of storage during the week ended November 21.
Russia's production of natural gas in January-October declined by 3% year-on-year to 456 billion cubic metres.
