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CRUDE OIL

Observations

Crudeoil trading range for the day is 5624-5896.

Crude oil prices rose after reports that OPEC+ could delay a planned oil production increase in December

Crude oil inventories in the US fell by 0.515 million barrels.

Gasoline stocks dropped by 2.7 million, against forecasts of a 0.6 million increase.

Crude stocks at the Cushing, Oklahoma, went up by 0.681 million barrels, rebounding from a 0.346 million barrels drop in the previous period.

BUY CRUDEOIL NOV @ 5700 SL 5620 TGT 5780-5850. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 229-249.

Natural gas fell on forecasts for mild weather through at least mid-November

Pressure also seen amid an increase in output over most of the past several days.

Average gas output in the Lower 48 U.S. states slipped to 101.7 bcfd so far in October, down from 101.8 bcfd in September

Meteorologists projected the weather in the Lower 48 states would remain mostly warmer than normal through at least Nov. 13.

BUY NATURALGAS NOV @ 238 SL 234 TGT 243-248. MCX