Buy Crudeoil NOV @ 7270 SL 7180 TGT 7370-7470. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 7051-7483.
Crude oil gains as Israel-Hamas conflict sparks Mid-East supply fears
OPEC is not inclined to take up member Iran's call for an oil embargo on Israel after a huge explosion at a Gaza hospital. US oil output from top shale regions set to fall in November – EIA
U.S. crude oil and fuel inventories all fell by more than expected last week
BUY CRUDEOIL NOV @ 7270 SL 7180 TGT 7370-7470. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 237.2-261.4.
Natural gas dropped pressured by record output, mild weather
Pressure also seen after data showed a bigger-than-expected storage build last week.
The latest EIA report showed US utilities added 97 billion cubic feet (bcf) of gas into storage last week
Natural gas production rose to 103.6 bcfd so far in October, surpassing a record high of 103.1 bcfd in July.
SELL NATURALGAS OCT @ 250 SL 255 TGT 244-240. MCX
