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CRUDE OIL

Observations

Crudeoil trading range for the day is 5646-6060.

Crude oil dropped due to concerns about outlook for demand and easing fears of supply disruptions.

OPEC and the International Energy Agency slashed their forecasts for global oil demand in 2024 and 2025.

Fears also eased about a potential retaliatory attack by Israel on Iran that could disrupt Tehran's oil exports.

China's refinery output also declined for the sixth straight month amid weak fuel consumption.

BUY CRUDEOIL NOV @ 5750 SL 5650 TGT 5850-5950. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 184-203.

Natural gas dropped on forecasts for mild weather over the next two weeks that should keep heating demand lower.

The U.S. EIA said utilities added 76 billion cubic feet (bcf) of gas into storage.

Average gas output in the Lower 48 U.S. states slipped to 101.4 bcfd so far in October, down from 101.8 bcfd in September.

Meteorologists projected the weather in the Lower 48 states will remain mostly warmer than normal through Nov. 2.

BUY NATURALGAS OCT @ 187 SL 183 TGT 191-194. MCX