Buy Crudeoil Nov 2021 @ 6260 SL 6200 TGT 6340-6390.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5988-6336.
Crude oil gained as the U.S. lifting of travel restrictions and more signs of a global postpandemic recovery boosted the demand outlook
Support also seen supported by supply restraint by the OPEC+, and recovering demand.
Oil demand to exceed 100 mln bpd in 2022, Saudi Aramco says
JPMorgan Chase said global demand for oil in November was already nearly back to prepandemic levels of 100 million barrels per day
BUY CRUDEOIL NOV 2021 @ 6260 SL 6200 TGT 6340-6390.MCX
NATURAL GAS
Natural gas trading range for the day is 340.6-420.4.
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.
SELL NAT GAS NOV 2021 @ 440.00 SL 454.00 TGT 424.00-416.00.MCX
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