Buy Crudeoil Nov 2021 @ 6020 SL 5940 TGT 6120-6160.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6196-6486.
Crude oil prices climbed as global supply remained tight amid solid fuel demand in the United States
Prices have also been bolstered by worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.
Speculators raise U.S. crude oil net long positions -CFTC
U.S. oil & gas rig count falls for first week in 7 -Baker Hughes
BUY CRUDEOIL NOV 2021 @ 6020 SL 5940 TGT 6120-6160.MCX
Natural gas
Natural gas trading range for the day is 402.7-483.3.
Natural gas soared on expectations LNG exports will rise and forecasts calling for cooler weather and higher heating demand
Even though the weather will be cooler over the next two weeks, it was still forecast to remain milder than normal through early November.
The U.S. price spike also occurred despite a slight decline in global gas prices and an increase in U.S. gas output.
Speculators have cut their net long positions to their lowest since July 2020 on growing expectations US will have more than enough gas in storage.
BUY NAT GAS NOV 2021 @ 412.00 SL 402.00 TGT 426.00-435.00.MCX
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