Buy Natural Gas Nov @ 395 SL 380 TGT 400-405. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL NOV @ 5250 SL 5340 TGT 5150-5050. MCX
Observations
Crudeoil trading range for the day is 5049-5477.
Crude oil dropped pressured by expectations of a growing global supply surplus.
OPEC report signals supply-demand balance next year amid output hikes
In October, OPEC output rose slightly to 28.46 million barrels a day, led by Saudi Arabia, Iraq, and Kuwait
Losses were limited by tightening Russian supplies following new US sanctions and hopes of improved US demand as government shutdown risks ease.
NATURALGAS
BUY NATURALGAS NOV @ 395 SL 380 TGT 400-405. MCX
Observations
Naturalgas trading range for the day is 389.2-411.
Natural gas dropped on record output so far this month, ample amounts of fuel in storage.
European demand is strong as countries reduce reliance on Russian gas, while the US encourages Asian energy imports.
US production remains strong, averaging 109 bcfd in November, and helping offset rising exports.
High output earlier this year allowed companies to stockpile more gas than usual, with inventories about 4% above normal.
