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CRUDEOIL

BUY CRUDEOIL NOV @ 8500 SL BELOW 8350 TGT 8750. MCX

Observations

Crude Oil trading range for the day is 8045-8850.

Crude oil rose as investors weighed the future course of the USIsraeli war with Iran.

Crude inventories fell by 865,000 barrels to 409.8 million barrels, compared with expectations for a 877,000-barrel rise.

US crude production rose by 11,000 barrels per day to a record 14.003 million bpd in the week ended October 30

JPMorgan estimates the market returned to a surplus of 1.1 million barrels per day in September, widening to 1.4 mbpd in October.

NATURALGAS

BUY NATURALGAS NOV @ 278 SL BELOW 274 TGT 286. MCX

Observations

Natural Gas trading range for the day is 274.00-288.00.

Natural gas dropped on rising output in recent days and forecasts for milder weather and lower demand than previously expected.

Average gas output has fallen to 111.2 bcfd so far in November, down from 113.4 bcfd in October

Meteorologists predicted weather across the country would remain warmer than normal through November 19

Average gas flows to the nine major US LNG export plants have slid to 18.1 bcfd so far in November, down from 18.4 bcfd in October.