Buy Crudeoil Nov 2021 @ 6200 SL 6120 TGT 6280-6340.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5880-6142.
Crude oil dropped on worries that the U.S. Federal Reserve will accelerate plans to boost interest rates to tame inflation.
OPEC says high prices to dampen pace of oil demand recovery
Cuts fourth-quarter 2021 demand forecast by 330,000 bpd
Sees demand at 100 mbpd in Q3 2022, later than earlier thought
BUY CRUDEOIL NOV 2021 @ 6200 SL 6120 TGT 6280-6340.MCX
NATURAL GAS
Natural gas trading range for the day is 340-393.2.
Natural gas slipped as output continues to rise and with utilities expected to keep stockpiling gas into mid-November.
That price decline came despite forecasts for cooler, near-normal weather over the next two weeks that will boost heating demand higher
EIA said utilities added 7 billion cubic feet (bcf) of gas into storage during the week ended Nov. 5.
Output in the U.S. Lower 48 states averaged 95.3 billion cubic feet per day (bcfd) so far in November, up from 94.1 bcfd in October.
BUY NAT GAS NOV 2021 @ 366.00 SL 354.00 TGT 378.00-384.00.MCX
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