BUY NATURALGAS DEC @ 372 SL 365 TGT 380-385. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 5200 SL 5120 TGT 5280-5340. MCX
Observations
Crudeoil trading range for the day is 5147-5301.
Crude oil recovered amid worries about impact from the U.S. seizure of an oil tanker near Venezuela.
IEA reaffirmed its forecast for a record supply glut, though slightly lower than last month’s estimate.
Russia raised oil production in November, deputy PM Novak
OPEC said Kazakhstan's oil output last month increased by 36,000 bpd to 1.745 mbpd, still above its OPEC+ quota for November of 1.480 mbpd.
NATURALGAS
BUY NATURALGAS DEC @ 372 SL 365 TGT 380-385. MCX
Observations
Naturalgas trading range for the day is 360.2-394.4.
Natural gas dropped on near-record output, ample amounts of gas in storage.
EIA said energy firms pulled 177 billion cubic feet (bcf) of gas out of storage during the week ended December 5.
China's natural gas consumption will likely expand 5% next year from this year.
Meteorologists forecast weather across the country would remain mostly warmer than normal through December 26.
