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CRUDE OIL

Observations

Crudeoil trading range for the day is 6888-7680.

Crudeoil dropped following reports that the U.S. may ease sanctions on Venezuela.

Libya said it would ramp up its oil production to two million barrels per day before the close of the decade.

Oil prices received some support amid concerns that the Israel-Hamas war may spill beyond the Israel-Palestine region.

US oil output from top shale regions set to fall in November – EIA

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

NATURAL GAS

Observations

Naturalgas trading range for the day is 247.6-265.6.

Natural gas fell on record output, a drop in gas prices in Europe

Forecasts for mild U.S. weather through late October that should keep heating and cooling demand low.

Average gas output in the Lower 48 U.S. states rose to an average of 103.4 bcfd so far in October

Speculators boosted their net long futures and options position on the New York Mercantile and Intercontinental Exchanges to their highest since May 2022 

BUY NATURALGAS OCT @ 252 SL 247 TGT 260-265. MCX