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CRUDEOIL

Observations

Crudeoil trading range for the day is 6167-6555.

Crude oil rose amid possibility that OPEC+ will extend or deepen supply cuts

Kazakh oil output cuts expected to last at least until Dec.3

OPEC+ talks on 2024 oil policy are difficult, making a rollover of the previous agreement a possibility rather than deeper production cuts.

Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5mbpd.

BUY CRUDEOIL DEC @ 6350 SL 6250 TGT 6450-6550. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 235.8-254.

Natural gas dropped weighed down by record output while mild weather limited heating demand.

EIA utilities pulled 7 bcf of gas from storage during the week ended Nov. 17.

Average gas output in the Lower 48 U.S. states rose to 107.5 billion cubic feet per day (bcfd) so far in November, up from a record 104.2 bcfd in October.

Meteorologists projected the weather would swing from warmer than normal now to colder than normal from Nov. 24-Dec. 1.

BUY NATURALGAS DEC @ 237 SL 232 TGT 244-248. MCX