Buy Crudeoil Nov @ 5320 SL 5240 TGT 5400-5480. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL NOV @ 5320 SL 5240 TGT 5400-5480. MCX
Observations
Crudeoil trading range for the day is 5211-5465.
Crudeoil gains as the end of the U.S. government shutdown has accelerated expectations of brisk energy and oil demand.
Expectations of a supply glut later this year and into 2026 as both OPEC and non-OPEC producers boost output.
Traders are closely watching US sanctions against Russian oil majors Rosneft and Lukoil, set to take effect on November 21.
OPEC+ agreed to increase December output targets by 137,000 barrels per day, the same as for October and November.
Natural gas
BUY NATURALGAS NOV @ 380 SL 374 TGT 386-392. MCX
Observations
Naturalgas trading range for the day is 369.7-396.7.
Natural gas fell on record output, ample amounts of gas in storage.
Pressure also seen amid forecasts for less demand over the next two weeks than previously expected.
That price decline came despite record gas flows to liquefied natural gas export plants.
Average gas output in the Lower 48 states rose to 109.3 bcfd so far in November, up from 107.3 bcfd in October
