Buy Crude Oil DEC @ 8150 SL BELOW 8050 TGT 8450. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 8150 SL BELOW 8050 TGT 8450. MCX
Observations
Crude Oil trading range for the day is 7810-8470. Crude oil gains as President Trump said the US no longer needs a deal with Iran, raising supply concerns Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years. US crude oil inventories increased by 4.657 million barrels, marking the largest build since August and reversing five consecutive weeks of declines. OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite shipping disruptions through the strait.
NATURAL GAS
BUY NATURALGAS NOV @ 310 SL BELOW 305 TGT 320. MCX
Observations
Natural Gas trading range for the day is 298.50-324.00.
Natural gas climbed on forecasts for seasonally colder weather, near-record LNG exports and a decline in output in recent weeks.
Storage surplus likely widened to 2.1% above five-year norm ahead of delayed federal report
Average gas output fell to 112.4 bcfd so far in November, down from 113.4 bcfd in October
The return of mild weather and lower-than-usual demand in recent weeks have left more gas available for energy firms to inject into storage.
