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Buy Crudeoil Nov @ 6080 SL 6000 TGT 6180-6260. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5908-6248.
Crude oil gains supported by the OPEC+'s decision to delayoutput increase plans by a month, and a weaker dollar.
China's October crude oil imports fall 9% on the year.
Trump expected to ramp up sanctions on Iranian oil.
Hurricane Rafael shuts 17% of Gulf of Mexico oil output.
BUY CRUDEOIL NOV @ 6080 SL 6000 TGT 6180-6260. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 218.4-238.8.
Natural gas dropped on forecasts for mild weather to continuethrough mid-November
US utilities added 69 billion cubic feet of natural gas into storageto 3.932 trillion cubic feet
Stocks were 157 bcf higher than last year and 215 billion cubicfeet above the five-year average of 3,717 bcf.
The U.S. Bureau of Safety and Environmental Enforcement saidenergy firms cut Gulf of Mexico gas production by about 7%
BUY NATURALGAS NOV @ 222 SL 218 TGT 228-232. MCX
