Buy Crudeoil Dec @ 5800 SL 5720 TGT 5880-5950. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5574-5986.
Crude oil surged following news of a production halt at Norway’s Johan Sverdrup oilfield
Russia launched its biggest air strike in nearly three months, heavily impacting Ukraine’s power infrastructure.
However, concerns over weak fuel demand in China and projections of a global oil surplus kept prices under pressure.
IEA forecast predicting a global oil surplus of over 1 million barrels per day by 2025.
BUY CRUDEOIL DEC @ 5800 SL 5720 TGT 5880-5950. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 236.1-254.5.
Natural gas rose driven by expectations of increased demand as colder weather sets in and a dip in production.
US LNG export activity has picked up, with daily gas flows to export plants rising to a 10-month high last Friday.
Natural gas exports to the seven major LNG export plants average 13.3 bcfd so far in November, up from 13.1 bcfd in October.
Natural gas production in the Lower 48 states decreased to 100.3 bcfd in November from 101.3 bcfd in October.
SELL NATURALGAS NOV @ 250 SL 254 TGT 245-242. MCX
