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Crude oil

Crude oil trading range for the day is 5672-5988.

Crude oil dropped after the IEA and OPEC warned of impending oversupply

OPEC Secretary Barkindo said the group sees signs of an oil supply surplus building from next month adding that its members

OPEC says oil market will soon be over-supplied

IEA lifts 2022 average crude oil price assumption to $79.40/bbl

SELL CRUDEOIL DEC 2021 @ 6050 SL 6140 TGT 5940-5860.MCX

Natural gas

Natural gas trading range for the day is 346.1-392.7.

Natural gas prices dropped ahead inventory report following the release of fresh weather forecasts calling for milder temperatures.

The decline came despite record gas futures in Asia and a 32% jump in European prices over the past three days

Speculators cut their net long positions for a sixth week to their lowest since June 2020

Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.0 billion cubic feet per day (bcfd) so far in November

BUY NAT GAS NOV 2021 @ 378.00 SL 366.00 TGT 396.00-405.00.MCX

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