Sell Crude Oil Nov @ 5360 SL 5460 TGT 5260-5180. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL NOV @ 5360 SL 5460 TGT 5260-5180. MCX
Observations
Crudeoil trading range for the day is 5217-5405.
Crude oil dropped as loadings resumed at the key Russian export hub of Novorossiysk.
Investors are also monitoring the impact of Western sanctions on Russian supply and trade flows.
US imposed sanctions banning deals with Russian oil companies Lukoil and Rosneft after November 21.
OPEC+ agreed to increase December output targets by 137,000 barrels per day, the same as for October and November.
NATURALGAS
SELL NATURALGAS NOV @ 400 SL 405 TGT 395-390. MCX
Observations
Naturalgas trading range for the day is 384.9-407.5.
Natural gas fell as short-term mild weather eased immediate heating demand.
US production in the Lower 48 states reached a record 109 bcfd so far in November, a fresh record.
Despite ample supply, strong LNG export demand persists, averaging 17.8 bcfd in November, up from 16.7 bcfd in October.
Traders also weighed expectations for colder conditions in early December, which could lift heating needs.
