Crude Oil

* Crude oil trading range for the day is 4050-4184.

* Crude oil dropped pressured by a build in domestic inventories and record production.

* U.S. crude stockpiles grew last week by 2.2 million barrels, the Energy Information Administration said

* OPEC’s Mohammad Barkindo said that there would likely be downward revisions of supply going into 2020 especially from United States shale

* The EIA raised its forecast for U.S. oil production this year by 30,000 bpd to 12.29 mbpd this year, after output at the world’s top oil producer hit a record of 13 mbpd this month.

* SELL CRUDEOIL NOV 2019 @ 4160 SL 4190 TGT 4110-4080.MCX

Natural Gas

* Natural gas trading range for the day is 183.9-198.9.

* Natural gas climbed on forecasts for heating demand to rise during the last week of November when the weather turns cold again.

* The U.S. Energy Information Administration (EIA) said utilities added 3 billion cubic feet (bcf) of gas to storage during the week ended Nov. 8.

* The U.S. National Weather Service (NWS) forecast temperatures in the Lower 48 U.S. states would shift from the current colder-than-normal.

* Gas production in the Lower 48 rose to 94.9 bcfd on Wednesday from 94.5 bcfd, according to Refinitiv data.

* BUY NAT GAS NOV 2019 @ 190.00 SL 187.00 TGT 193.00-196.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer