Buy Natural gas Jan @ 352 SL 346 TGT 358-363. MCX - Kedia Advisory
Crude oil
SELL CRUDEOIL JAN @ 5280 SL 5360 TGT 5200-5140. MCX
Observations
Crudeoil trading range for the day is 5195-5297. Crude oil edged lower as U.S. data showed a modest build in crude oil inventories.
Venezuela began shutting oil wells due to a partial US blockade that has constrained exports and caused domestic storage tanks to fill.
Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 575,000 bpd in February
OPEC+ is expected to reaffirm its planned pause in oil production increases when it meets this weekend.
Natural gas
BUY NATURALGAS JAN @ 352 SL 346 TGT 358-363. MCX
Observations
Naturalgas trading range for the day is 339.6-385.8.
Natural gas gains as the giant Troll field in Norway reduced natural gas supplies due to issues with external power supply.
Prices rose as forecasts of a colder winter supported the outlook for gas-intensive heating.
Data from the EIA showed that natural gas stocks fell by 166 billion cubic feet.
European sanctions against Russian gas increased the demand for US LNG from major foreign consumers..
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