Buy Crude Oil NOV @ 8050 SL BELOW 7950 TGT 8250. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 8050 SL BELOW 7950 TGT 8250. MCX
Observations
ObservationCrude Oil trading range for the day is 7745-8330.
Crude oil dropped after US President Donald Trump downplayed the need for additional military action against Iran.
The global oil market is showing signs of a return to excess supply as demand drops because of high prices.
OPEC oil output rose in October, led by gains in Saudi Arabia, Kuwait and Iraq despite continued constraints on exports.
China's October crude oil imports rise to highest level since March
NATURALGAS
SELL NATURALGAS NOV @ 312 SL ABOVE 317 TGT 304. MCX
Observations
Natural Gas trading range for the day is 296.50-317.50.
Natural gas rose on forecasts for cooler weather in late November, record gas flows to LNG and a drop in output.
Storage rose by 77 bcf, below forecasts for an 81 Bcf build, bringing total stocks to 3.801 trillion cubic feet.
Inventories remained 2.8% below year-earlier levels but 1.4% above the five-year average.
Speculative net short deepened by 19,032 to −2,24,495 contracts: speculators added 34 longs and added 19,066 shorts.
