Buy Crude Oil DEC @ 5200 SL 5120 TGT 5280-5350. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 5200 SL 5120 TGT 5280-5350. MCX
Observations
Crudeoil trading range for the day is 5110-5304.
Crude oil surged supported by positive economic outlook and more demand growth, spurred by expectations of a rate cut by Fed.
Speculators significantly increased their net short positions in WTI crude oil by 33,023 contracts, bringing net short positions to 42,487 contracts.
Oil prices are expected to decline through 2026, Goldman Sachs said, citing a supply wave that keeps the market in surplus.
The U.S. Energy Information Administration reported a larger-than-expected rise in U.S. crude stocks last week.
NATURALGAS
SELL NATURALGAS NOV @ 406 SL 412 TGT 400-395. MCX
Observations
Naturalgas trading range for the day is 391.3-414.7.
Natural gas slid on near-record output and ample amounts of gas in storage.
However, near-historic flows to LNG export plants and forecasts for colder weather limited the downside.
Speculators in the four major NYMEX and ICE natural gas markets increased their net long positions by 866 contracts, reaching 241,467 contracts.
The number of rigs drilling for natural gas in the United States rose by 2 this week to 127.
