Buy Crude NOV @ 5220 SL 5150 TGT 5300-5360. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 5220 SL 5150 TGT 5300-5360. MCX
Observations
Crudeoil trading range for the day is 5149-5431.
Crude oil dropped as pressure from weaker demand and a global oil glut continued to weigh on the market.
US crude inventories surged by more than 5 million barrels last week, the biggest increase since July.
Rising inventories and higher output from OPEC+ and non-members have stoked worries of a global glut.
Saudi Arabia cut December crude prices for Asian buyers, highlighting a well-supplied market.
NATURALGAS
SELL NATURALGAS NOV @ 382 SL 388 TGT 374-370. MCX
Observations
Naturalgas trading range for the day is 367.3-391.3.
Natural gas climbed supported by stronger heating demand and robust LNG exports to Europe and Asia.
Colder weather forecasts for early winter boosted expectations for increased gas consumption.
LNG export flows averaged 16.6 billion cubic feet per day in October, setting a new record.
US output remained high at around 107 bcfd, keeping the market well supplied.
