Buy CrudeOil Dec @ 5850 SL 5750 TGT 5950-6050. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5692-5908.
Crude oil gains as OPEC+ is likely to extend its latest round of oil output cuts until the end of the first quarter.
OPEC+, has been looking to gradually unwind production cuts through 2025.
Saudi Arabia, is expected to cut crude prices for Asian buyers to the lowest levels in at least four years.
Concerns that the U.S. Federal Reserve may not cut rates at its December meeting have also capped oil prices.
BUY CRUDEOIL DEC @ 5850 SL 5750 TGT 5950-6050. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 261.7-284.7.
Natural gas dropped pressured by an increase in output and forecasts for less cold weather
US natgas storage volumes highest since 2016 as winter heating season starts, EIA says
Inventories are currently 6% above the five-year (2019–23) average.
Average gas output in the Lower 48 rose to 101.8 bcfd so far in December, from 101.4 bcfd in November.
BUY NATURALGAS DEC @ 257 SL 253 TGT 263-267. MCX
