Sell Crudeoil Dec @ 6120 SL 6200 TGT 6020-5960. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5957-6255.
Crude oil fell driven by doubts about the effectiveness of OPEC+ supply cuts
Pressure also seen on concerns about weakening energy demand due to softening data in major economies.
The market remains cautious despite Saudi Arabia's suggestion of potential ongoing cuts beyond the first quarter.
Traders remain uneasy about rising geopolitical tensions in the Middle East due to the escalation in fighting in Gaza.
SELL CRUDEOIL DEC @ 6120 SL 6200 TGT 6020-5960. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 219.7-237.5.
Natural gas climbed on forecasts for colder weather and higher heating demand next week than previously expected
Support also seen as record amounts of gas flowed to U.S. liquefied natural gas (LNG) export plants.
That price increase came despite near record U.S. output that has allowed utilities to leave more gas in storage to meet heating demand
U.S. gas production hit a record seasonal high in September of 3,126 bcf, according to the EIA.
SELL NATURALGAS DEC @ 232 SL 236 TGT 226-222. MCX
