Buy Crude Oil NOV @ 9450 SL BELOW 9350 TGT 9650. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 9450 SL BELOW 9350 TGT 9650. MCX
Observations
Crude Oil trading range for the day is 9265-9915.
Crude oil fell as renewed diplomatic efforts raised hopes of ending the US-Iran war and easing pressure on energy markets.
October attacks on commercial shipping were highest near Hormuz since 2017
CFTC: As of the week ended Oct 20, speculative net long positions in WTI crude rose by 311 contracts to 110,930 contracts.
Investors are also monitoring upcoming elections, including in Israel, for potential implications for regional stability and oil supply.
NATURALGAS
BUY NATURALGAS NOV @ 285 SL BELOW 280 TGT 295. MCX
Observations
Natural Gas trading range for the day is 279.00-297.50.
Natural gas prices dropped as warm weather forecasts dampened expectations for near-term heating demand.
Prices faced pressure from a recovery in daily production, with output across the US Lower 48 states averaging around 113.3 bcfd
Speculative net short positions across four major NYMEX and ICE natural gas markets increased by 26,764 contracts to 126,900 contracts.
Average gas flows to the nine major LNG export terminals rose to 18.2 bcfd so far in October, up from 17.9 bcfd in September
