Naturalgas trading range for the day is 257.2-273- Kedia Advisor
CRUDE OIL
BUY CRUDEOIL OCT @ 5100 SL 5040 TGT 5170-5240. MCX
Observations
Crudeoil trading range for the day is 5056-5288.
Crude oil dropped as investors weighed the International Energy Agency's prediction of a supply surplus in 2026.
Trade tensions between the U.S. and China can curtail demand
IEA said that the global oil market could face a surplus next year of up to 4 million barrels per day.
OPEC+ and other producers raise output and demand remains sluggish.
NATURAL GAS
BUY NATURALGAS OCT @ 260 SL 256 TGT 265-268. MCX
Observations
Naturalgas trading range for the day is 257.2-273.
Natural gas prices dropped weighed down by forecasts for milder weather and lower demand in the coming days.
Gas production averaged 106.4 bcfd so far in October, down from September’s 107.4 bcfd
U.S. natural gas output and demand will both rise to record highs in 2025 - EIA
EIA projected that dry gas production will climb from 103.2 bcfd in 2024 to 107.1 bcfd in 2025 and 107.4 bcfd in 2026.
