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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