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CRUDE OIL

Observations

Crudeoil trading range for the day is 6850-7482.

Crude oil rose as U.S. tightened its sanctions programme against Russian crude exports.

US had imposed sanctions on tankers carrying

Russian oil OPEC expects crude stockpiles to fall this quarter

Commerzbank has raised its year-end forecast for a barrel of Brent crude oil from $85 to $90.

BUY CRUDEOIL OCT @ 7200 SL 7100 TGT 7300-7400. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 262.4-282.

Natural gas fell on rising output, a drop in exports to Mexico

Pressure also seen amid forecasts for mild weather through late October that will keep heating and cooling demand low.

Average gas output in the Lower 48 U.S. states rose from 102.6 bcfd in September to 103.1 bcfd so far in October

North Dakota natgas output hits record high in August, flaring rises

SELL NATURALGAS OCT @ 275 SL 280 TGT 267-282. MCX