Buy Natural Gas NOV @ 285 SL 280 TGT 292-298. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6620-7040.
Crude oil gained as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold.
Crude inventory in the U.S. rose by 0.774 million barrels, less than an expected increase of 1.3 million barrels.
OPEC oil output has risen for a third straight month in October
OPEC has pumped 27.90 mbpd, up by 180,000 bpd from September.
SELL CRUDEOIL NOV @ 6950 SL 7050 TGT 6850-6750. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 280.5-295.5.
Natural gas slid on record output and forecasts for milder weather and lower heating demand.
That price decline came even though the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants rose to a near-record high.
U.S. gas output has continued to increase, a lagged response to high prices in 2022
Number of rigs drilling primarily for gas had fallen to an average of just 118 in October 2023 down from a cyclical peak of 162 in September 2022.
BUY NATURALGAS NOV @ 285 SL 280 TGT 292-298. MCX
