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Crude Oil

Observation

Crudeoil trading range for the day is 7324-7634.

Crude oil recovered from lows after the EIA report showed that US crude inventories fell.

US crude oil inventories fell by 2.135 million barrels - EIA

The API report pointed for a bigger 5.25 million barrels decline.

EIA said that US oil output from top shale-producing regions is on track to decline for the third straight month to 9.393 mbpd in October

SELL CRUDEOIL OCT @ 7500 SL 7600 TGT 7400-7300. MCX

Natural Gas

Observation

Naturalgas trading range for the day is 221-235.

Natural gas fell as the amount of gas flowing to the nation's LNG export plants declined

Output over the past few days was on track to drop by around 1.9 bcfd to a preliminary six-week low of 100.8 bcfd on Wednesday.

Mild winter could push natgas prices below $2/mmbtu in Q1 of 2024, says BofA

U.S. production was on track to rise from a record 98.1 bcfd in 2022 to 102.7 bcfd in 2023 and 104.9 bcfd in 2024

BUY NATURALGAS SEP @ 224 SL 218 TGT 232-236. MCX