Buy Crudeoil NOV @ 6300 SL 6200 TGT 6400-6500. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6214-6510.
Crude oil gains on low level recovery after prices dropped on demand concerns.
Venezuela's oil output to rise modestly after US sanctions relief – EIA
US crude output to rise by less than previously forecast in 2023 – EIA
U.S. shipments of crude oil via rail in August fell by 14,000 barrels per day (bpd) from the previous month to 244,000 bpd.
BUY CRUDEOIL NOV @ 6300 SL 6200 TGT 6400-6500. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 246.4-269.4.
Natural gas dropped on record output and forecasts for mild weather to continue through late November
Natural gas production has been on the rise in November, following a record high in October.
Additionally, there is currently about 6% more gas in storage than is typical for this time of year.
Gas flows to US LNG export facilities are increasing but remain below the record levels observed in April.
SELL NATURALGAS NOV @ 260 SL 298 TGT 252-245. MCX
