Sell Crudeoil NOV 2021 @ 6240 SL 6320 TGT 6160-6120.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6055-6335.
Crude oil prices rose as a supply crunch in natural gas, electricity and coal continued across the globe, helping create extra demand for oil.
Meanwhile, the OPEC+ alliance is still only adding incremental, monthly supplies, and some members aren't expected to meet current output targets.
Iraq says oil price above $80 is 'a positive indicator'
OPEC+ compliance with oil cuts slips to 115% in September
SELL CRUDEOIL NOV 2021 @ 6240 SL 6320 TGT 6160-6120.MCX
NATURAL GAS
Natural gas trading range for the day is 355-395.8.
Natural gas fell as output slowly rises and on forecasts for the weather to remain milder than normal through early November.
The decline came despite a slow but steady increase in U.S. liquefied natural gas (LNG) exports.
But no matter how high global prices rise, the United States was already close to producing LNG at full capacity.
U.S. gas stockpiles, unlike those in Europe, were in good shape for the winter, with more than enough fuel available for the heating season.
SELL NAT GAS OCT 2021 @ 386.00 SL 398.00 TGT 372.00-366.00.MCX
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