Sell Crudeoil Dec @ 6020 SL 6100 TGT 5920-5850. MCX - Kedia Advisory
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CRUDE OIL
Crudeoil trading range for the day is 5826-6078.
Crude oil gains on possible sanctions on Russia by the European Union, and expectations of increased demand from China.
OPEC also lowered its 2025 oil demand growth outlook for the fifth consecutive month, citing weak demand in China. Oil demand growth has been weaker than expected this year in large part because of China.
Treasury Secretary Janet Yellen mentioned that lower oil prices create opportunities for sanctions to reduce Russia’s revenue further.
SELL CRUDEOIL DEC @ 6020 SL 6100 TGT 5920-5850. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 270.7-316.3.
Natural gas climbed driven by a larger-than-expected storage draw reported by the EIA. US utilities withdrew 190 billion cubic feet (bcf) of gas from storage.
This withdrawal significantly exceeded both last year’s 72 bcf and the five-year average of 71 bcf for the same period.
LNG shipments remain robust, with gas flows to US LNG export facilities averaging 14.1 bcf/day so far in December
BUY NATURALGAS DEC @ 295 SL 290 TGT 302-307. MCX
