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Crude Oil:

Observations

Crudeoil trading range for the day is 5887-6167.

Crude oil dropped as the Middle East conflict's limited impact on crude output prompted profit taking.

Despite tensions in the Middle East, investors do not see any impact on oil supply

Protesters in Libya threatened to shut down more oil and gas facilities, following the closure of the Sharara field.

Money managers increased their net long positions in US crude futures and options

SELL CRUDEOIL JAN @ 6050 SL 6150 TGT 5950-5850. MCX

NATURAL GAS:

Observations:

Naturalgas trading range for the day is 232.3-263.1.

Natural gas dropped due to forecasts of decreased demand and increased output.

Gas output in the Lower 48 states decreased in January compared to December, with a daily output on track to reach an 11-month low

Output loss was smaller compared to previous winter storms in December 2022 and February 2021.

Meteorologists projected a switch from colder than normal weather to warmer than normal weather.

SELL NATURALGAS JAN @ 248 SL 255 TGT 240-235. MCX

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