Buy Crudeoil NOV @ 5280 SL 5200 TGT 5360-5440. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL NOV @ 5280 SL 5200 TGT 5360-5440. MCX
Observations
Crudeoil trading range for the day is 5216-5426.
Crude oil prices rose amid optimism that a deal to reopen the U.S. government would help lift demand.
Lukoil has declared force majeure at Iraq's giant West Qurna-2 oilfield
U.S. oil production rose to record highs in August, data from the EIA showed.
Sanctions on oil-exporting countries could push up crude prices but the effect will be limited because of surplus capacity.
Naturalgas
SELL NATURALGAS NOV @ 386 SL 392 TGT 378-372. MCX
Observations
Naturalgas trading range for the day is 365.7-408.1.
Natural gas eased on record output so far this month, ample amounts of fuel in storage.
However, downside seen limited as near-record flows to LNG export plants boosted demand for the fuel.
EIA said energy firms injected 33 bcf of gas into storage during the week ended October 31.
The number of rigs drilling for natural gas in the United States rose by 3 to 128.
