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BUY CRUDEOIL OCT @ 5850 SL 5750 TGT 5950-6050. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5790-6058.
Crude oil steadied amid continued uncertainty over the MiddleEast conflict.
Israel would not target Iranian nuclear or oil sites, easing fears ofa supply disruption.
OPEC and the International Energy Agency have both cut theirglobal oil demand forecasts for 2024
Markets are also anticipating US crude inventory data, which isexpected to show an increase of 1.8 million barrels.
BUY CRUDEOIL OCT @ 5850 SL 5750 TGT 5950-6050. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 193.3-213.9.
Natural gas slid on expectations mild weather over the next twoweeks will keep demand low.
One factor weighing on prices in recent weeks has been areduction in the amount of gas power generators have burned.
Average gas output in the Lower 48 U.S. states slid to 101.3 bcfdso far in October from 101.8 bcfd in September.
Meteorologists projected the weather in the Lower 48 states willturn from colder than normal on Oct. 16-17 to mostly warmerthan normal from Oct. 18-31
BUY NATURALGAS OCT @ 198 SL 194 TGT 203-206. MCX
