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Crudeoil

Observations

Crudeoil trading range for the day is 5607-6175.

Crude oil fell as surging US crude exports raised worries about increased global supply

OPEC oil output fell in November in the first monthly drop since July, because of lower shipments by Nigeria and Iraq

OPEC has pumped 27.81 million barrels per day (bpd), down by 90,000 bpd from October.

Russian Deputy Prime Minister Novak said that OPEC+ stands ready to deepen oil production cuts in the first quarter of 2024

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

Naturalgas

Observations

Naturalgas trading range for the day is 203.8-236.2.

Natural gas dropped amid near-record U.S. output and forecasts for mostly mild weather

However downside seen limited as record amounts of gas flowed to U.S. LNG export plants.

Average gas output in the Lower 48 U.S. states slid to 107.5 bcfd so far in December

On a daily basis, output was on track to drop by 2.1 bcfd over the past three days to a preliminary four-week low of 106.2 bcfd

BUY NATURALGAS DEC @ 212 SL 208 TGT 216-218. MCX