Buy Crude Oil OCT @ 6850 SL 6750 TGT 6950-7050. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6742-7178.
Crudeoil dropped after the latest EIA report showed that US crude inventories rose by 10.176 million barrels last week
OPEC sticks to 2024 oil demand growth forecast
Economic headwinds prompt IEA to cut 2024 oil demand growth forecast
Global oil stockpiles due to fall in second half 2023 – EIA C
BUY CRUDEOIL OCT @ 6850 SL 6750 TGT 6950-7050. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 269.2-289.8.
Natural gas gains after the EIA report showed a smaller-than-expected storage build.
US utilities added 84 bcf of gas into storage last week, less than market expectations of an 88 bcf billion increase.
US gas demand, including exports, is expected to rise from 94.5 bcfd this week to 95.8 bcfd next week
Also, natural gas output has increased slightly, going from 102.6 bcfd in September to 102.8 bcfd in October.
SELL NATURALGAS OCT @ 280 SL 285 TGT 275-270. MCX
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