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CRUDE OIL 

Observations

Crudeoil trading range for the day is 6422-6496.

Crude oil dropped as market attention turns to a key meeting of OPEC and its allies this month

Venezuela's oil output to rise modestly after US sanctions relief – EIA

China October crude oil imports up 13.5% on last year

OPEC+ has taken steps to achieve 'stable' crude market in 2023

SELL CRUDEOIL NOV @ 6500 SL 6600 TGT 6400-6300. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 252.4-254.8.

Natural gas dropped on record output and forecasts for mild weather to continue through late November

Natural gas production has been on the rise in November, following a record high in October.

Additionally, there is currently about 6% more gas in storage than is typical for this time of year.

Gas flows to US LNG export facilities are increasing but remain below the record levels observed in April.

BUY NATURALGAS NOV @ 250 SL 245 TGT 256-260. MCX