BUY NATURALGAS DEC @ 204 SL 200 TGT 209-213. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5953-6311.
Crude oil gains after a Norwegian-owned vessel was attacked and BP said it had paused all transit through the Red
Sea U.S. oil output from top shale-producing regions is set to decline in January for the third consecutive month - EIA
Output from the Permian basin of Texas and New Mexico, is set to rise to a record for an eighth straight month.
US EIA cuts 2024 world oil demand growth forecast
BUY CRUDEOIL JAN @ 6100 SL 6000 TGT 6200-6300. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 193.3-217.9.
Natural gas fell due to elevated output and an anticipated decrease in demand during the upcoming week
Gas production is reaching new highs this month, averaging 108.4 bcfd.
U.S. gas demand in the Lower 48, at 126.7 bcfd, up from last week's 125 bcfd, buoyed by the usual seasonal cooling at this time of year.
US natgas output and demand to hit record highs in 2023 and 2024 – EIA
BUY NATURALGAS DEC @ 204 SL 200 TGT 209-213. MCX
