Buy Naturalgas Oct @ 220 SL 216 TGT 224-228. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5885-6373.
Crude oil tumbled as supply disruptions concerns eased a bit on reports Israel is unlikely to attack Iranian oil facilities.
Worries about Chinese growth outlook and concerns about demand slowdown hurt as well.
Geopolitical risk premium in oil market slips slightly, Goldman Sachs says
Libya's NOC says daily production reached 1.13 mln bpd of crude oil and condensate
SELL CRUDEOIL OCT @ 6140 SL 6220 TGT 6040-5960. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 216.9-232.1.
Natural gas eased on expectations power generators would burn less gas after Hurricane Milton.
U.S. natural gas production will decline in 2024 while demand will rise to a record high
Average gas output in the Lower 48 U.S. states fell to 101.0 bcfd so far in October, down from 101.8 bcfd in September.
Average gas demand in the Lower 48, including exports, will rise from 96.0 bcfd this week to 97.4 bcfd next week.
BUY NATURALGAS OCT @ 220 SL 216 TGT 224-228. MCX
