IGI Logo

CRUDE OIL

Observations

Crudeoil trading range for the day is 5702-6260.

Crude oil tumbled as Israel is willing not to strike Iranian oil targets, easing concerns about supply disruptions.

IEA cuts 2024 oil demand growth view, sees surplus looming OPEC cuts 2024, 2025

global oil demand growth view again OPEC says Russian oil output edged further down in September

BUY CRUDEOIL OCT @ 5850 SL 5750 TGT 5950-6050. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 202.1-219.5.

Natural gas edged up as cool weather in the Northeast and Midwest adds near-term heating demand

Average gas output in the Lower 48 U.S. states slid to 101.4 bcfd so far in October, down from 101.8 bcfd in September

Average gas demand in the Lower 48, including exports, will slide from 97.5 bcfd this week to 95.5 bcfd next week.

Meteorologists projected the weather in the Lower 48 states will switch from colder than normal from Oct. 14-17 to warmer than normal.

BUY NATURALGAS OCT @ 210 SL 206 TGT 214-218. MCX