Buy Crudeoil JAN @ 6700 SL 6600 TGT 6800-6900. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6891-6891.
Crude oil dropped weighed down by concerns that higher borrowing costs will likely hurt demand
Crude oil inventories in the US rose by 0.774 million barrels
Gasoline stocks increased by 0.065 million barrels, which contrasts with expectations of a 0.803 million draw.
U.S. crude output reaches monthly record in August at 13.05 million bpd – EIA
BUY CRUDEOIL JAN @ 6700 SL 6600 TGT 6800-6900. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 0-0.
Natural gas fell on record output and forecasts for milder weather
Pressure also seen amid lower heating demand over the next two weeks than previously expected.
Average gas output in the Lower 48 U.S. states rose to an average of 104.1 billion cubic feet per day (bcfd) so far in October
Temperatures in the Pacific Northwest of US fell below average for several days highlighting the seasonal volatility.
BUY NATURALGAS S @ 285 SL 280 TGT 292-298. MCX
