Buy CrudeOil NOV @ 5720 SL 5620 TGT 5820-5900. MCX -Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 5667-5893.
Crudeoil gains on low level buying support after pressure seen as OPEC cut its forecast for global oil demand growth
OPEC said world oil demand will rise by 1.82 mbpd in 2024, down from growth of 1.93 mbpd it expected last month.
OPEC cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd.
Non-OPEC crude supply will likely grow by 1.4 million barrels per day (bpd) in 2025 and 900,000 bpd in 2026 - BOFA
BUY CRUDEOIL NOV @ 5720 SL 5620 TGT 5820-5900. MCX
Natural gas
Observations
Naturalgas trading range for the day is 234.2-260.6.
Natural gas dropped on profit booking after prices gained amid a drop in output
NYMEX open interest hit record high for 8th straight day
Lower demand seen in next 2 weeks than previously forecast
Average gas output in the Lower 48 U.S. states has slid to 100.0 bcfd so far in November, down from 101.3 bcfd in October.
SELL NATURALGAS NOV @ 250 SL 254 TGT 245-242. MCX
