Crudeoil trading range for the day is 5151-5453.
Crude oil prices tumbled after another outsize weekly build in U.S. crude stocks and OPEC’s suggestions the global market could be in a glut by next year.
U.S. crude inventories rose by 6 million barrels last week, the EIA said, more than double expectations of a 2.6 million-barrel increase.
UAE started to increase its oil production in the third quarter of this year and expects to further raise its output in October and November to meet market demand.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, the industry group added.
SELL CRUDEOIL OCT 2018 @ 5280 SL 5320 TGT 5230-5180.MCX
Naturalgas trading range for the day is 227.2-250.
Natural gas prices whipsawed tumbling lower as riskier asset came under pressure and then rebounding into the close.
Inventories increased in line with expectations, but the colder than normal weather than is expected to cover most of the US for the next 2-weeks should increase demand.
The Energy Information Administration reported that working gas in storage was 2,956 Bcf as of Friday, October 5, 2018.
Stocks were 627 Bcf less than last year at this time and 607 Bcf below the five-year average of 3,563 Bcf.
SELL NAT.GAS OCT BELOW 235.60 SL ABV 239.80 TGT 232.80-229.40. MCX (STBT)
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