Buy Crudeoil Dec @ 5750 SL 5650 TGT 5850-5950. MCX - Kedia Advisory
CRUDE OIL
Observations
Crudeoil trading range for the day is 5715-5915.
Crude oil dropped as weak demand from China and rising production in the U.S. weighed on oil prices.
OPEC+'s decision to delay restoring halted production failed to lift market sentiment amid expectations of oversupply next year.
Currently, OPEC+ is withholding 5.86 million barrels per day, about 5.7% of global demand, to support prices.
Slowing global demand and rising production from non-OPEC+ countries have pressured prices.
BUY CRUDEOIL DEC @ 5750 SL 5650 TGT 5850-5950. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 253.6-270.8.
Natural gas gained on forecasts for cooler weather and more heating demand over the next two weeks.
Support also seen amid rising amounts of feed gas flowing to the nation's LNG export plants.
U.S. producers to boost output in 2025 with rising LNG export demand U.S. March-April widow maker spread in contango
BUY NATURALGAS DEC @ 257 SL 253 TGT 263-267. MCX
