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Crudeoil

Observations

Crudeoil trading range for the day is 6100-6430.

Crude oil climbed fueled by optimism about oil demand and a report showing shrinking US crude stockpiles.

US crude inventories dropped by 1.4 million barrels last week, continuing a trend of declining stockpiles - API

IEA expects comfortably supplied oil market in 2025 despite demand hike

Barclays lowers its 2025 Brent price outlook to $83 per barrel

BUY CRUDEOIL JAN @ 6250 SL 6150 TGT 6350-6450. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 294.8-338.8.

Natural gas gained fueled by an increase in gas flowing to LNG export plants on rising overseas demand.

U.S. natural gas production will decline in 2024 while demand will rise to a record high, the EIA said.

A colder January forecast and recent spikes in demand had fueled sharp price increases.

December production rose to 103.3 bcfd, while LNG exports surged to 15.16 bcfd, highlighting strong global demand.

BUY NATURALGAS JAN @ 312 SL 306 TGT 322-328. MCX