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Sell Crudeoil Nov @ 6080 SL 6180 TGT 5980-5880. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5837-6163.
Crude oil gains as geopolitical tensions in the Middle East triggered concerns over supply.
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 @ 6080 SL 6180 TGT 5980-5880. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 246.3-265.7.
Natural gas gains driven by forecasts for cooler weather and increased heating demand over the next two weeks.
Rising global gas prices are also expected to boost US liquefied natural gas (LNG) exports.
Utilities added more gas to storage than usual, following 14 straight weeks of smaller additions due to reduced drilling this year.
EIA: annual US shale gas production may decline for the first time since 2000.
SELL NATURALGAS NOV @ 262 SL 266 TGT 257-252. MCX
