Buy Crude Oil Nov @ 5200 SL 5140 TGT 5260-5340. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 5200 SL 5140 TGT 5260-5340. MCX
Observations
Crudeoil trading range for the day is 5112-5318.
Crude oil gains as end to the longest-ever shutdown of the U.S. government supported the demand outlook.
OPEC report says oil supply will match demand in 2026.
IEA raised its global oil supply growth forecasts for this year and next in its monthly oil market report, signalling a deeper surplus in 2026.
U.S. crude stockpiles rose by 1.3 million barrels in the week that ended November 7 – API
NATURALGAS
SELL NATURALGAS NOV @ 416 SL 422 TGT 408-402. MCX
Observations
Naturalgas trading range for the day is 387.1-429.7.
Natural gas rose as traders bet on another round of cold weather in December and firmer power demand.
The average amount of gas flowing to the eight big U.S. LNG export plants has risen to 17.8 bcfd so far in November, up from a record 16.7 bcfd in October.
Gas output in the Lower 48 states has risen to 109.0 billion cubic feet per day (bcfd) so far in November, up from 107.0 bcfd in October.
Record output so far this year has allowed energy companies to inject more gas into storage than usual.
