Buy Natural Gas Nov @ 395 SL 390 TGT 402-408. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL DEC @ 5300 SL 5380 TGT 5220-5150. MCX
Observations
Crudeoil trading range for the day is 5149-5399.
Crude oil prices edged up boosted by a bigger-than-expected draw in U.S. crude stockpiles.
However, reports indicated the U.S. was renewing its push to end the Russia-Ukraine war and has drafted a framework for it.
Crude inventories fell by 3.4 million barrels to 424.2 million in the week ended November 14, the Energy Information Administration said.
Sanctions on oil majors Rosneft and Lukoil, set to take effect on Friday, have already shown signs of disrupted trade flows, particularly to India.
NATURAL GAS
BUY NATURALGAS NOV @ 395 SL 390 TGT 402-408. MCX
Observations
Naturalgas trading range for the day is 387.8-414.8.
Natural gas slid on near-record output and ample amounts of gas in storage.
However, near-historic flows to LNG export plants and forecasts for colder weather limited downside.
Average gas output in the Lower 48 states rose to 109.1 bcfd so far in November, up from 107.3 bcfd in October
Record output so far this year has allowed energy companies to stockpile more gas than usual
