Buy Crudeoil DEC @ 6420 SL 6320 TGT 6520-6620. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6257-6621.
Crude oil gains as OPEC+ is expected to extend or deepen supply cuts.
U.S. crude stocks, gasoline and distillate inventories rose last week, the Energy Information Administration said.
Crude inventories rose by 1.6 million barrels in the last week to 449.7 million barrels
OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected.
BUY CRUDEOIL DEC @ 6420 SL 6320 TGT 6520-6620. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 226.4-246.
Natural gas fell on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected.
Record output means U.S. utilities don't have to pull as much gas out of storage as usual to meet heating demand.
Average gas output in the Lower 48 U.S. states rose to 107.7 bcfd so far in November, up from a record 104.2 bcfd in October.
Meteorologists projected the weather would swing from colder than normal now to warmer than normal from Nov. 30-Dec. 12.
BUY NATURALGAS DEC @ 232 SL 227 TGT 238-242. MCX
