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Buy Naturalgas NOV @ 240 SL 236 TGT 245-248. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6235-6477.
Crude oil settled flat as US crude inventories jumped by about 8.7 million barrels
In H1 2024, China's oil demand growth is expected to drop to about 4%.
OPEC+ rescheduled its policy meeting to the end of the month
Saudi Arabia to extend its additional voluntary production cuts into 2024, while other members are seen committing to existing quotas as well.
SELL CRUDEOIL DEC @ 6425 SL 6525 TGT 6325-6250. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 235.7-246.5.
Natural gas climbed on a surprise storage withdrawal, forecasts for colder weather and higher heating demand
EIA utilities pulled 7 bcf of gas from storage during the week ended Nov. 17.
Average gas output in the Lower 48 U.S. states rose to 107.5 billion cubic feet per day (bcfd) so far in November, up from a record 104.2 bcfd in October
Meteorologists projected the weather would swing from warmer than normal now to colder than normal from Nov. 24-Dec. 1.
BUY NATURALGAS NOV @ 240 SL 236 TGT 245-248. MCX
