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 5914-6358.
Crude oil dropped after data showed an increase in U.S. crude stockpiles in the week ended November 5.
U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, EIA said
EIA report said gasoline prices this year and in 2022 are likely to rise slightly more than forecast earlier supported oil prices
China's Iran oil purchases rebound on lower prices, fresh quotas
BUY CRUDEOIL NOV 2021 @ 6200 SL 6120 TGT 6280-6340.MCX
NATURAL GAS
Natural gas trading range for the day is 340-384.
Natural gas fell on rising output and expected lower demand over the next two weeks because of increased nuclear and wind power generation.
That price decline came despite forecasts for seasonally colder weather expected to boost heating demand in mid November.
EIA said U.S. utilities added 63 billion cubic feet (bcf) of gas into storage during the week ended Oct. 29.
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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