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Buy NaturalGas Dec @ 266 SL 262 TGT 273-278. MCX- Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5660-5932.
Crude oil rose supported by rising geopolitical tensions in the Middle East following the fall of Syria’s government.
Saudi Aramco, has reduced its January 2025 prices for Asian buyers to the lowest since early 2021.
OPEC+ delayed planned output increases by three months until April and extended the full unwinding of cuts to the end of 2026.
On the supply side, an increase in U.S. oil and gas rigs last week, signaling higher production.
BUY CRUDEOIL DEC @ 5780 SL 5700 TGT 5880-5960. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 261-281.
Natural gas climbed as demand is now expected to remain stronger than previously anticipated.
While warmer-than-normal weather forecasts suggest reduced heating needs, this impact may be offset by higher feedgas volumes to LNG export plants.
December production in the Lower 48 states rose to 102.3 bcfd, up from 101.5 bcfd in November. EIA data showed a storage withdrawal of 30 billion cubic feet, leaving inventories at 3,937 billion cubic feet.
BUY NATURALGAS DEC @ 266 SL 262 TGT 273-278. MCX
