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CRUDE OIL

Observations

Crudeoil trading range for the day is 6023-6515.

Crude oil gains on rumours that the EU is planning to issue a fresh sanction package against Russia.

US shale oil output expected to fall in December – EIA

The latest data from the EIA showed that crude oil stocks in the US rose by 17.5 million barrels in the last two weeks

Higher output from non-core OPEC members added some relief to global supply levels

BUY CRUDEOIL DEC @ 6280 SL 6180 TGT 6400-6500. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 229.4-267.2.

Natural gas slid on record output that should enable utilities to keep injecting gas into storage

U.S. gas stockpiles were already 6% above normal in the week ended Nov. 10

Average gas output in the Lower 48 U.S. states rose to 107.2 billion cubic feet per day (bcfd) so far in November

Meteorologists projected the weather would remain warmer than normal through Nov. 21 before turning close to colder than normal from Nov. 22-Dec. 2.

BUY NATURALGAS NOV @ 240 SL 235 TGT 246-250. MCX