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CRUDE OIL

Observations

Crudeoil trading range for the day is 6121-6557.

Crudeoil dropped on demand concerns, signs of higher supply and easing Middle East tensions.

Weaker-than-expected Chinese exports in October added to concerns about global demand.

API shows large build in U.S. crude stockpiles

The EIA said that total petroleum consumption in the US is expected to decrease by 300,000 barrels per day this year

BUY CRUDEOIL NOV @ 6250 SL 6150 TGT 6350-6450. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 250-269.4.

Natural gas dropped on record output and forecasts for mild weather to continue through late November

Natural gas production has been on the rise in November, following a record high in October. Additionally, there is currently about 6% more gas in storage than is typical for this time of year.

Gas flows to US LNG export facilities are increasing but remain below the record levels observed in April

BUY NATURALGAS NOV @ 255 SL 250 TGT 262-268. MCX