Sell Crude Oil Nov @ 5450 SL 5550 TGT 5350-5250. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL NOV @ 5450 SL 5550 TGT 5350-5250. MCX
Observations
Crudeoil trading range for the day is 5311-5551.
Crude oil gained amid optimism over a trade deal framework between the U.S. and China.
Support for prices came from continued concerns over Russian supply, after the US imposed new sanctions targeting Rosneft and Lukoil.
IEA noted that the oil market is expected to remain in surplus, with production from the so-called “American quintet”, outpacing demand growth.
The fire at Iraq's Zubair oilfield did not impact exports from the country, the country's oil minister said.
NATURAL GAS
SELL NATURALGAS OCT @ 306 SL 310 TGT 300-296. MCX
Observations
Naturalgas trading range for the day is 276.3-319.7.
Natural gas climbed driven by forecasts for colder weather and higher demand, alongside strong LNG export activity.
Flows to the eight major US LNG export plants have averaged 16.6 bcfd so far in October, up from 15.7 bcfd in September.
Daily LNG feedgas hit an all-time high of 17.4 bcfd, with flows to Venture Global’s Plaquemines plant in Louisiana reaching a record 3.9 bcfd.
Gas output has remained near 108 bcfd in recent days, though average October production has slipped to 107 bcfd from 107.5 bcfd in September.
