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CRUDEOIL

Crude oil trading range for the day is 7194-7596.

Crude oil prices edged higher as industry data showed a surprise drop in U.S. crude stockpiles.

Prices were also supported by a weaker dollar and renewed speculation of a gradual easing of the zero-COVID policy in China

Crude stocks fell by about 6.5 million barrels for the week ended Oct. 28, American Petroleum Institute figures showed.

U.S. crude – by – rail shipments fell by 39,000 bpd in August – EIA

SELL CRUDEOIL NOV 2022 @ 7500 SL 7600 TGT 7350-7250.MCX

NATURAL GAS

Natural gas trading range for the day is 467.2-543

Natural gas jumped on a drop in output and expectations gas demand will rise once the Freeport LNG export plant in Texas exits an outage.

That price increase came despite forecasts lower demand over the next two weeks with the weather expected to remain mild

Freeport LNG expects its 2.1 bcfd export plant to return to at least partial service in earlyto mid-November

Average gas output in the U.S. Lower 48 states fell to 97.3 bcfd so far in November, down from a record 99.4 bcfd in October.

BUY NAT GAS NOV 2022 @ 495.00 SL 475.00 TGT 525.00-540.00.MCX

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