IGI Logo

CRUDE OIL

Observations

Crudeoil trading range for the day is 6313-6663.

Crude oil prices rose on expectations of deeper supply cuts

There is buzz that OPEC+ is considering deeper output cuts at the 26 November meeting in Vienna to shore up prices.

U.S. oil refiners are expected to have 264,000 barrels per day (bpd) of capacity offline

U.S. energy firms added oil rigs for the first time in three weeks, as the oil rig count rose by the most since February

SELL CRUDEOIL DEC @ 6600 SL 6700 TGT 6500-6400. MCX

NATURAL GAS 

Observations

Naturalgas trading range for the day is 235.2-249.8.

Natural gas fell on record output that should enable utilities to keep injecting gas into storage through late November.

Gas production in North Dakota rose to a record 3.440 bcfd in September.

Average gas output in the Lower 48 U.S. states rose to 107.2 billion cubic feet per day (bcfd) so far in November

Meteorologists projected the weather would remain warmer than normal through Nov. 21 before turning close to colder than normal from Nov. 22-Dec. 2.

BUY NATURALGAS NOV @ 237 SL 232 TGT 244-248. MCX