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Crudeoil

Observation

Crudeoil trading range for the day is 5913-6081.

Crude oil pared all gains amid uncertainty about the outlook for global oil demand, and likely excess supply.

In China, local officials have more flexibility in using government bond proceeds to stimulate growth, while interest rates remain unchanged.

The API reported a 3.2 million barrel drop in commercial crude inventories, marking a fifth consecutive decrease

Traders are considering the potential impact of Donald Trump’s presidency, China’s economic efforts, and OPEC+'s gradual easing of production cuts.

BUY CRUDEOIL JAN @ 5950 SL 5850 TGT 6050-6140. MCX

Naturalgas

Observation

Naturalgas trading range for the day is 268.5-303.3.

Natural gas dropped on profit booking after prices rose amid bets of stronger global LNG demand.

Fresh forecasts of a cold front in the US halfway through January drove the industry to raise demand forecasts by 18 billion cubic feet.

Average gas output rose to 103.1 bcfd so far in December, up from 101.5 bcfd in November.

Meteorologists projected weather in the Lower 48 would remain mostly warmer than normal through at least Jan. 4.

SELL NATURALGAS JAN @ 305 SL 312 TGT 295-285. MCX