Buy Naturalgas Dec @ 206 SL 200 TGT 212-218. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5767-6097.
Crude oil prices dropped as weak economic data from Germany and China weighed on prices.
World oil demand next year to rise faster than expected, IEA says
China's statistics bureau showed refinery runs in November dropped to their lowest level since the start of 2023
U.S. crude inventories declined by more than expected last week, while gasoline and distillate stockpiles rose, the EIA said.
BUY CRUDEOIL DEC @ 5900 SL 5800 TGT 6000-6080. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 193.3-220.3.
Natural gas rose as support from raised demand forecasts for this week overshadowed rising output.
EIA said utilities pulled 55 billion cubic feet (bcf) of gas from storage during the week ended Dec. 8.
U.S. gas demand in the Lower 48 states, including exports, at 125.2 bcfd this week and 125.4 bcfd next week, compared to last week's 121.4 bcfd
Average gas output in the Lower 48 U.S. states has risen to 108.4 bcfd so far in December from a record 108.3 bcfd in November.
BUY NATURALGAS DEC @ 206 SL 200 TGT 212-218. MCX
