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CRUDE OIL

BUY CRUDEOIL OCT @ 5250 SL 5150 TGT 5350-5450. MCX

Observations

Crudeoil trading range for the day is 5214-5390.

Crude oil climbed as hopes for eased US–China trade tensions lifted sentiment.

OPEC left its global oil demand forecasts unchanged for this year and next, signaling steady consumption growth

OPEC+ projected a much smaller supply deficit for 2026 as OPEC+ accelerates its output increases.

Russia’s crude oil production increased to 9.321 million barrels per day in September, rising by 148,000 bpd from August - OPEC

NATURAL GAS

BUY NATURALGAS OCT @ 272 SL 268 TGT 276-280. MCX

Observations

Naturalgas trading range for the day is 265-284.8.

Natural gas dropped on ample amounts of fuel in storage and forecasts for mild weather.

Data showed an 80 bcf build in natural gas storage for the week ending October 3, above market expectations of 77 bcf

There is currently about 4% more gas in storage than normal for this time of year.

Meteorologists forecast the weather will remain mostly warmer than normal through October 25.