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Crude Oil

Observations

Crudeoil trading range for the day is 5693-6277.

Crude oil gains as supply concerns deepen with Libyan oilfield disruption

US crude oil output falls slightly in October, first monthly decline since April

US shipments of crude oil via rail increase in October

Expectations of ample oil supply in first half of 2024 contain prices

BUY CRUDEOIL JAN @ 6020 SL 5920 TGT 6120-6220. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 206.1-235.3.

Natural gas prices increased due to decline in daily output and colder weather forecasts.

Milder weather and lower heating demand expected this week and next. Gas flowing to U.S. LNG export plants declined slightly.

Utilities can pull less gas from storage due to lower heating demand.

BUY NATURALGAS JAN @ 218 SL 213 TGT 224-228. MCX