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CRUDE OIL

Observations

Crudeoil trading range for the day is 6849-7293.

Crude oil gains as a U.S. military attack on facilities in Syria linked to Iran

Goldman Sachs analysts said they retained their first-quarter 2024 Brent crude price forecast at $95 a barrel

Venezuela could divert 250,000 bpd of crude to US after sanction relief

U.S. crude oil stockpiles jumped last week as refinery utilization dropped, while gasoline inventories posted a surprise build

BUY CRUDEOIL NOV @ 7050 SL 6950 TGT 7150-7250. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 286.5-308.5.

Natural gas rose amid forecasts of higher demand and lower inventories.

Temperatures in the Pacific Northwest of US fell below average for several days highlighting the seasonal volatility.

Data from the EIA showed that US utilities added 74 billion cubic feet of gas into storage on the week until October 20th

Financial firm LSEG said average gas output in the Lower 48 U.S. states rose to an average of 103.9 bcfd so far in October

BUY NATURALGAS NOV @ 290 SL 285 TGT 298-304. MCX