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Crudeoil

Observation

Crudeoil trading range for the day is 5797-6091.

Crude oil fell amid renewed concerns about weakening global demand.

China’s lackluster economic data added to uncertainty over the country’s economic outlook, stoking fears about reduced consumption.

Additional downward pressure came from weaker-than-expected manufacturing activity in the US and Eurozone, which negatively impacts fuel demand.

US crude oil output rise to record high last week, EIA data shows

BUY CRUDEOIL DEC @ 5880 SL 5800 TGT 5980-6060. MCX

Naturalgas

Observation

Naturalgas trading range for the day is 255.1-285.5.

Natural gas eased on rising output and forecasts for mild weather.

Average gas output in the Lower 48 U.S. states rose to 103.1 bcfd so far in December, up from 101.5 bcfd in November.

Meteorologists projected weather in the Lower 48 states would remain mostly warmer than normal through Jan. 1.

The amount of gas flowing to the eight big LNG export plants operating in the U.S. rose to an average of 14.0 bcfd so far in December

BUY NATURALGAS DEC @ 266 SL 261 TGT 272-278. MCX