IGI Logo

Crudeoil

Observations

Crudeoil trading range for the day is 5757-6513.

Crude oil dropped after data showed a sharp increase in U.S. crude stockpiles and a significant jump in crude production.

Investors also fretted about prolonged weakness in China's property sector and its likely impact on fuel demand.

Saudi Arabia's crude oil exports rose by 170,000 bpd to 5.75 mbpd in September from 5.58 million bpd in August.

Global oil demand remained at a seasonal record high for a fifth consecutive month in September, up 2.5 million bpd year-on-year.

BUY CRUDEOIL NOV @ 6020 SL 5920 TGT 6120-6220. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 241.9-278.3.

Natural gas eased on record output that should enable utilities to keep injecting gas into storage through at least late November

Utilities usually start pulling gas out of storage to meet heating demand in mid-November

Average gas output in the Lower 48 U.S. states rose to 107.2 billion cubic feet per day (bcfd) so far in November

Meteorologists projected the weather would remain warmer than normal through Nov. 21 before turning close to colder than normal from Nov. 22-Dec. 1.

BUY NATURALGAS NOV @ 250 SL 245 TGT 256-260. MCX