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CRUDE OIL

Observations

Crudeoil trading range for the day is 5756-6172.

Crude oil dropped as concerns about excess supply and weak crude consumption in China weighed.

China’s stimulus measures have supported oil prices, but concerns persist over long-term demand and a potential global surplus.

Iraq's September oil exports average 3.31 mln bpd, oil ministry says

US oil field production rises to record 13.5 million bpd last week – EIA

SELL CRUDEOIL NOV @ 5950 SL 6050 TGT 5850-5750. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 190.9-219.1. Natural gas climbed on forecasts for cooler weather and more heating demand over the next two weeks than previously expected.

US utilities added 80 billion cubic feet of gas into storage, more than market expectations of a 61 billion cubic feet build.

Support also seen on rising prices for gas in global markets that should boost the value of U.S. liquefied natural gas (LNG) exports.

Average gas output in the Lower 48 U.S. states slipped to 101.5 bcfd so far in October, down from 101.8 bcfd in September.

BUY NATURALGAS OCT @ 205 SL 201 TGT 210-214. MCX