Sell Naturalgas Jan @ 320 SL 328 TGT 310-302. MCX - Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 6138-6202.
Crude oil prices rose buoyed by a larger-than-expected drawdown from U.S. crude inventories last week.
Optimism over Chinese economic growth has also sparked hopes of higher demand next year from China.
Stocks of crude oil in the United States fell by 4.3 million barrels
The World Bank raised its forecast for China's economic growth in 2024 and 2025
SELL CRUDEOIL JAN @ 6200 SL 6280 TGT 6120-6050. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 301.3-323.3.
Natural gas gains fueled by an increase in gas flowing to LNG export plants on rising overseas demand.
US utilities withdrew 93 billion cubic feet of natural gas from storage to lower total stockpiles to 3,529 bcf
Fresh forecasts of a cold front in the US halfway through January drove the industry to raise demand forecasts.
Temperatures across Europe and the US are forecast to plunge at the end of the week as areas of low pressure move through the region.
SELL NATURALGAS JAN @ 320 SL 328 TGT 310-302. MCX
