Sell Crudeoil Nov 2021 @ 6100 SL 6160 TGT 6020-5940.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5883-6195.
Crude oil dropped triggered by concerns over increasing U.S. inflation as OPEC cut its 2021 oil demand forecast due to high energy prices.
OPEC lowers oil demand forecast for end of 2021
OPEC sees world consumption surpassing the 100 million bpd mark in the third quarter of 2022
Biden administration could order oil reserves release
SELL CRUDEOIL NOV 2021 @ 6100 SL 6160 TGT 6020-5940.MCX
NATURAL GAS
Natural gas trading range for the day is 357.7-391.9.
Natural gas ticked up helped by forecasts for higher demand and a smaller-than-usual addition to inventories.
U.S. gas stocks increased but the build was smaller than usual for this time of year and was less than forecast.
EIA said utilities added 7 billion cubic feet (bcf) of gas into storage during the week ended Nov. 5.
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.
BUY NAT GAS NOV 2021 @ 362.00 SL 350.00 TGT 375.00-386.00.MCX
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