Buy Crudeoil Nov @ 5940 SL 5840 TGT 6040-6140. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5848-6114.
Crude oil fell due to a larger-than-expected increase in US stockpiles.
Crude oil inventories in the US rose by 5.474 million barrels in the week ended October 18, 2024
API data showed US crude inventories increased by 1.6 million barrels, more than double the forecasted 0.7 million
China raises 2025 crude oil import quota for non – state trading to 257 mln T
BUY CRUDEOIL NOV @ 5940 SL 5840 TGT 6040-6140. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 186.4-201.8.
Natural gas eased on forecasts warmer-than-normal weather through early November would limit gas demand for heating
The amount of gas flowing to liquefied natural gas (LNG) export plants has declined so far this week.
Capping the price decline was a reduction in the amount of gas producers have pulled out of the ground so far this month.
Average gas output in the Lower 48 U.S. states slipped to 101.5 bcfd so far in October, down from 101.8 bcfd in September.
BUY NATURALGAS OCT @ 192 SL 188 TGT 196-200. MCX
