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CRUDE OIL

Observations

Crudeoil trading range for the day is 5818-6150.

Crude oil prices fell on receding fears over the impact of Hurricane Rafael in the U.S. Gulf

China's crude oil imports fall for sixth straight month on refinery closure

Crude oil inventories in the US rose by 2.149 million barrels in the week ended November 1, 2024

Over 22% of crude oil production shut in U.S. Gulf of Mexico due to Hurricane Rafael

SELL CRUDEOIL NOV @ 6000 SL 6080 TGT 5920-5860. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 218.2-235.6.

Natural gas eased on forecasts for the weather to remain mild through late November

Average gas output in the Lower 48 U.S. states has slid to 100.7 bcfd so far in November from 101.3 bcfd in October.

Meteorologists projected the weather in the Lower 48 states would remain warmer than normal through at least Nov. 23.

Open interest in NYMEX futures, rose to a record high for a sixth day in a row, reaching 1.785 million contracts on Nov. 6.

BUY NATURALGAS NOV @ 222 SL 218 TGT 226-230. MCX