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CRUDEOIL

Observations

Crudeoil trading range for the day is 6101-6499. Crude oil prices extended losses as skepticism mounted over OPEC+ output cuts.

Investors also remained concerned that worsening economic conditions in China will dent fuel demand.

OPEC+ group of petroleum producing nations agreed to voluntary output cuts totaling about 2.2 million barrels per day for early next year

U.S. shipments of crude oil via rail in September fell by 89,000 barrels per day (bpd) from the previous month to 170,000 bpd

SELL CRUDEOIL DEC @ 6350 SL 6450 TGT 6250-6150. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 227.8-242.

Natural gas gains as record flows to U.S. LNG export plants offset record output and forecasts for less frigid weather.

EIA said utilities added a surprise 10 bcf of gas into storage, when warmer-than-usual weather kept heating demand low.

Average gas output in the Lower 48 U.S. states rose to 107.7 bcfd so far in November, up from a record 104.2 bcfd in October.

U.S. spot natural gas prices at the Henry Hub benchmark in Louisiana fell to a three-year low in November

SELL NATURALGAS DEC @ 238 SL 242 TGT 233-230. MCX