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Crudeoil

Observations

Crudeoil trading range for the day is 5640-6006.

Crude oil dropped on reports Israel and Hezbollah are closer to reaching a cease-fire agreement

IEA chief Birol sees 'comfortable' oil markets, unless geopolitical shock

This year and next year, we expect comfortable oil markets unless a major geopolitical escalation happens," Birol said.

Traders now look forward to the OPEC meeting on December 1st to guide the market outlook further.

BUY CRUDEOIL DEC @ 5750 SL 5650 TGT 5850-5950. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 280.6-302.8.

Natural gas dropped on profit booking after prices gained on forecasts for colder weather and higher heating demand.

Support also seen on rising gas flows to U.S. liquefied natural gas (LNG) export plants.

Oil-to-gas ratio falls to lowest since January 2023

Spot gas prices rise to highest since January in several parts of U.S.

SELL NATURALGAS DEC @ 294 SL 300 TGT 288-282. MCX