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Crude oil

BUY CRUDEOIL JAN @ 5120 SL 5050 TGT 5200-5280. MCX

Observations

Crudeoil trading range for the day is 5012-5248.

Crude oil rose as markets weighed Venezuela news and progress on proposed US sanctions.

OPEC’s crude production held steady in December as a slump in Venezuela’s output was offset by increases in Iraq and some other members.

Venezuelan output declined by about 14% to 830,000 barrels a day as the US blocked and seized.

Indonesia produces 605,300 barrels of oil per day in 2025

Natural gas

BUY NATURALGAS JAN @ 302 SL 296 TGT 308-312. MCX

Observations

Naturalgas trading range for the day is 290-335.

Natural gas slid on a small rise in daily output and forecasts for the weather to remain mostly mild over the next two weeks.

Global prices slid to multi-month lows on hopes Ukraine peace talks may ease Russia sanctions.

US energy firms withdrew a larger-than-usual 119 bcf of natural gas from storage in the week ended January 2, 2025

Average gas output in the Lower 48 states has fallen to 109.1 bcfd so far in January, down from a monthly record high of 109.7 bcfd in December