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Crudeoil

Observations

Crudeoil trading range for the day is 5764-6028.

Crude oil rose driven by escalating tensions between Russia and Ukraine.

Traders are also closely monitoring the upcoming OPEC+ meeting on December 1st, amid speculation that the cartel may delay output increases.

Data from the EIA showed that US crude oil inventories increased by 0.5 million barrels last week

Gasoline stocks also rose by 2.1 million barrels, outpacing forecasts of a 1.6 million-barrel increase.

BUY CRUDEOIL DEC @ 5850 SL 5750 TGT 5950-6050. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 259.3-301.3.

Natural gas prices soared over as forecasts of colder weather lifted the outlook on heating demand.

Supply concerns in Europe ahead of the turn of the year drove LNG feed gas flows to rise to a 10-month high, limiting domestic supply.

Russian gas exports to Europe via Ukraine were stable despite ongoing contract disagreements between Gazprom and the Austrian OMV

There was currently about 7% more gas in storage than normal for this time of year.

SELL NATURALGAS NOV @ 283 SL 290 TGT 276-270. MCX