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Buy Crudeoil Nov @ 6020 SL 5940 TGT 6100-6180. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5794-6270.
Crude oil gains as traders continued to react positively to OPEC+'s decision to delay production increases.
The group announced it would extend its current output cut of 2.2 mbpd into December.
Money managers cut their net long U.S. crude futures and options positions – CFTC
U.S. oil production rose 1.5% in August to a monthly record high of 13.4 million barrels per day.
BUY CRUDEOIL NOV @ 6020 SL 5940 TGT 6100-6180. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 219.1-242.7.
Natural gas gained as oil and gas producers in the Gulf of Mexico began shutting operations ahead of Hurricane Rafael.
Temperatures are expected to remain above average until mid-November, with cooler weather forecasted later in the month.
US LNG exports are falling this month largely due to a temporary shutdown at Freeport LNG.
Average gas output in the Lower 48 U.S. states held at 101.3 bcfd so far in November, the same as in October.
SELL NATURALGAS NOV @ 235 SL 239 TGT 231-228. MCX
