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CRUDEOIL

Observations

Crudeoil trading range for the day is 6052-6474.

Crude oil prices fell as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.

IEA sees surplus oil supply in 2024 even if OPEC+ extends current cuts

Crude inventories jumped by about 8.7 million barrels last week, way above forecasts for a 1.16 million barrel increase.

Market awaits OPEC+ meeting postponed to Nov 30

BUY CRUDEOIL DEC @ 6200 SL 6100 TGT 6300-6400. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 232.7-254.1.

Natural gas dropped weighed down by record output while mild weather limited heating demand.

EIA utilities pulled 7 bcf of gas from storage during the week ended Nov. 17.

Average gas output in the Lower 48 U.S. states rose to 107.5 billion cubic feet per day (bcfd) so far in November, up from a record 104.2 bcfd in October.

Meteorologists projected the weather would swing from warmer than normal now to colder than normal from Nov. 24-Dec. 1.

BUY NATURALGAS DEC @ 240 SL 236 TGT 245-248. MCX