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Sell Crude oil DEC @ 6400 SL 6500 TGT 6300-6200. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6010-6682.
Crude oil plunged following the postponement of the OPEC+ meeting to November 30.
IEA sees surplus oil supply in 2024 even if OPEC+ extends current cuts extends current cuts
Data showed a significant increase of approximately 9 million barrels in US crude inventories last week
Libya produces 1.24 mln barrels of oil per day
SELL CRUDEOIL DEC @ 6400 SL 6500 TGT 6300-6200. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 232.3-247.1.
Natural gas edged up on forecasts for colder than previously expected weather and higher heating demand over the next two weeks. US gas stockpiles were already about 6% above normal
EIA attributes abundant inventories to high natural gas production and warmer-than-average winter weather
Average gas output rose to 107.5 billion cubic feet per day (bcfd), up from a record 104.2 bcfd in October.
SELL NATURALGAS NOV @ 244 SL 249 TGT 236-232. MCX
