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CRUDE OIL

Observations

Crudeoil trading range for the day is 5768-6032.

Crude oil dropped due to concerns over demand outlook and a looming surplus.

The IEA lowered its demand forecasts, signaling the potential for a global glut

Crude oil inventories in the US fell by 2.192 million barrels in the week ended October 11, 2024.

Gasoline stocks dropped by 2.201 million, more than forecasts of a 1.4 million decline

BUY CRUDEOIL OCT @ 5850 SL 5750 TGT 5950-6050. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 193.1-205.7.

Natural gas eased on forecasts for mild weather over the next two weeks

US utilities added 76 billion cubic feet of gas into storage

The increase lifted the total amount of natural gas storage in the lower 48 states to 3.075 trillion cubic feet.

Average gas output in the Lower 48 U.S. states slipped to 101.3 bcfd so far in October

BUY NATURALGAS OCT @ 196 SL 192 TGT 200-204. MCX