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CRUDE OIL

SELL CRUDEOIL NOV @ 5360 SL 5460 TGT 5260-5180. MCX

Observations

Crudeoil trading range for the day is 5227-5417.

Crude oil prices climbed boosted by supply fears after the Black Sea port of Novorossiysk halted oil exports

OPEC report that global oil supply would match demand in 2026, in a further shift from its earlier projections of a supply deficit.

EIA reported a larger-than-expected rise in U.S. crude stocks last week, while gasoline and distillate inventories fell less than expected.

Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week.

NATURAL GAS

Observations

Naturalgas trading range for the day is 377.5-423.5.

Natural gas fell on profit booking as traders balanced short-term mild weather forecasts.

US gas output in the Lower 48 states hit 109 bcfd in November, a fresh record, supporting ample storage levels now 4% above seasonal norms.

LNG exports remain robust, with flows to the eight major US export facilities averaging 17.8 bcfd in November, up from a record 16.7 bcfd in October.

IEA said that global gas demand may continue rising until 2050, marking a softer stance on the global energy transition.