Sell NaturalGas Dec @ 282 SL 288 TGT 275-270. MCX - Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 5810-6144.
Crudeoil gains amid escalating geopolitical tensions due to the ongoing war between Russia and Ukraine.
Russia's Novak says oil market balanced thanks to OPEC+
Saudi crude production fell slightly to 8.975 million bpd
OPEC lowered global oil demand growth forecast for 2024
SELL CRUDEOIL DEC @ 6050 SL 6150 TGT 5950-5850. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 257.5-314.5.
Natural gas dropped as higher prices prompted producers to start boosting output.
Pressure also seen on forecasts for less cold weather over the next two weeks than previously expected.
Data from the EIA showed that gas storage fell by 3 billion cubic feet instead of expectations of a 5 billion cubic feet build.
The EIA noted that US drillers are expected to raise output for the first time since the pandemic next year
SELL NATURALGAS DEC @ 282 SL 288 TGT 275-270. MCX
