Sell Crude Oil Dec @ 5320 SL 5400 TGT 5240-5160. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL DEC @ 5320 SL 5400 TGT 5240-5160. MCX
Observations
Crudeoil trading range for the day is 5182-5350.
Crude oil surged as doubts were cast on the possible success of the new U.S. proposal to end the Russia-Ukraine war.
On the supply side, OPEC+ is likely to leave output levels unchanged at its meeting.
Crude inventories climbed by 2.8 million barrels to 426.9 million barrels in the week ended November 21, the EIA said.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 68,000 barrels in the week, the EIA said.
NATURALGAS
SELL NATURALGAS DEC @ 416 SL 422 TGT 408-402. MCX
Observations
Naturalgas trading range for the day is 401.6-421.
Natural gas rose on expectations of higher demand and a sharper withdrawal to stocks.
Forecasts suggest temperatures will remain mostly below normal through December 10, which could boost demand.
LNG exports are rising, with flows from the eight major US terminals averaging 18 bcfd in November, up from October’s record 16.6 bcfd.
Data showed that national inventories fell more than expected in the second week of gas withdrawal season.
