Sell Crudeoil Nov 2021 @ 6320 SL 6440 TGT 6200-6135.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6191-6463.
Crude oil gains supported by a global supply shortage and strong demand in the United States, the world’s biggest consumer.
Goldman sees upside risks to $90/bbl Brent price forecast
S.Korea govt to cut down oil tax by 20% for 6 month
The market will be closely watching U.S. inventory levels and crude oil stockpiles are forecast to have risen by 1.7 million barrels last week.
SELL CRUDEOIL NOV 2021 @ 6320 SL 6440 TGT 6200-6135.MCX
NATURAL GAS
Natural gas trading range for the day is 413.6-488.6.
Natural gas settled flat erasing all losses on forecasts calling for colder 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 @ 445.00 SL 430.00 TGT 462.00-470.00.MCX
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