Buy Crude Oil NOV @ 9200 SL BELOW 9100 TGT 9400. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 9200 SL BELOW 9100 TGT 9400. MCX
Observations
Crude Oil trading range for the day is 8895-9690.
Crude oil dropped following reports indicating progress in Strait of Hormuz shipping traffic over the past few days.
In the US, two Energy Department officials said that they were working with refiners around the world to boost fuel output.
US crude oil inventories fell by 4.93 million barrels, well above market expectations for a 1.3 million-barrel draw - API
US oil production slipped to 13.679 million barrels per day, down from 13.979 million barrels per day a week earlier.
NATURAL GAS
SELL NATURALGAS NOV @ 308 SL ABOVE 312 TGT 300. MCX
Observations
Natural Gas trading range for the day is 294.50-323.50.
Natural gas slid as forecasts for warmer-than-normal weather through early November curbed expectations for heating demand.
Temperatures are expected to remain mild through late October, curbing both heating and cooling demand.
Average gas flows to the nine major US LNG export terminals rose to 18.2 bcfd so far in October from 17.9 bcfd in September.
Gas production across the Lower 48 states averaged 111.4 bcfd this month, down from record highs of 113.3 bcfd in August and September.
