Buy Crudeoil Nov @ 5980 SL 5880 TGT 6080-6160. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5762-6220.
Crude oil rose driven by Middle East tensions threatening supplydisruptions and economic stimulus moves by China.
Heightened conflict between Israel and Hezbollah, and Israel'svows of retaliation against Iran, have increased geopolitical risks.
China implemented stimulus measures, including lending ratecuts, to revive growth.
EIA said weekly oilfield production rose by 100,000 barrels per dayto a record 13.5 million bpd during the week ended Oct. 11.
BUY CRUDEOIL NOV @ 5980 SL 5880 TGT 6080-6160. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 186.7-203.7.Natural gas climbed on lower output and forecasts for coolerweatherThat price increase came even though meteorologists forecastthe weather would remain mostly warmer than normal throughearly November.Average gas output in the Lower 48 U.S. states slipped to 101.5bcfd so far in October, down from 101.8 bcfd in September.Average gas demand in the Lower 48, would rise from 96.0 bcfdthis week to 100.2 bcfd next week.
BUY NATURALGAS OCT @ 192 SL 188 TGT 196-200. MCX
