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Buy NaturalGas Dec @ 305 SL 300 TGT 313-318. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5798-6028.
Crude oil dropped due to persisting concerns about the outlook for oil demand from China
Sinopec sees China's crude imports possibly peaking in 2025
Trump wants EU to buy more US oil, gas or face tariffs
OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
BUY CRUDEOIL JAN @ 5850 SL 5750 TGT 5950-6050. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 287.7-346.1.
Natural gas dropped on profit booking after prices rose amid bets of stronger global LNG demand.
Fresh forecasts of a cold front in the US halfway through January drove the industry to raise demand forecasts by 18 billion cubic feet.
Meteorologists projected weather in the Lower 48 would remain mostly warmer than normal through at least Jan. 4.
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.
BUY NATURALGAS DEC @ 305 SL 300 TGT 313-318. MCX
