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CRUDEOIL

Observations

Crudeoil trading range for the day is 5508-6112.

Crude oil dropped due to worries about abundant supply and weakening demand.

Oil outlook looks bleak for 2024 as oversupply is too big to get matched anytime soon.

Russian supply is hitting the markets again after a brief decline caused by severe storms in the Black Sea shipments.

Global oil demand growth is set to slow in 2024 with OPEC and the International Energy Agency split on the extent

BUY CRUDEOIL DEC @ 5650 SL 5550 TGT 5750-5850. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 188.1-209.9.

Natural gas slid hurt by ample output while mild weather limited heating demand.

Average gas output in the Lower 48 U.S. states was at 108.5 bcfd so far in December from a record 108.3 bcfd in November.

Mild weather and near record output should cap the amount of gas utilities pull from storage in coming weeks.

The continental United States entered the winter heating season with the most natural gas in storage since 2020 – EIA said.

BUY NATURALGAS DEC @ 192 SL 188 TGT 198-202. MCX