Buy Crudeoil Nov @ 5100 SL 5020 TGT 5180-5260. MCX Kedia Advisory
CRUDE OIL
BUY CRUDEOIL NOV @ 5100 SL 5020 TGT 5180-5260. MCX
Observations
Crudeoil trading range for the day is 4828-5368.
Crude oil prices edged lower after the IEA forecasts a growing glut.
U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.
U.S. crude inventories increased by 3.5 million barrels to 423.8 million barrels last week.
The data showed a rise in U.S. production to 13.636 million barrels per day, the highest on record.
NATURAL GAS
BUY NATURALGAS OCT @ 260 SL 255 TGT 266-270. MCX
Observations
Naturalgas trading range for the day is 250.3-273.9.
Natural gas gained amid decline in output and record gas flows to liquefied natural gas export plants.
However, upside seen limited amid mild weather forecasts and robust storage levels eased concerns over supply tightness.
NatGasWeather said that significant cooling may not arrive until the final week of the month.
Gas production in the Lower 48 states averaged 106.4 bcfd so far in October, down from September’s 107.4 bcfd.
