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Sell Crudeoil NOV @ 6850 SL 6950 TGT 6750-6650. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6641-7041.
Crude oil prices dropped as concerns about the outlook for energy demand weighed
World Bank said it expected global oil prices to average $90 a barrel in the fourth quarter, and to drop to an average of $81 a barrel over next year
US EIA cuts 2024 world oil demand growth forecast
Investors await global manufacturing data and the all-important U.S. jobs report this week for clarity on the economic outlook
SELL CRUDEOIL NOV @ 6850 SL 6950 TGT 6750-6650. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 268.1-318.9.
Natural gas jumped on forecasts for colder weather and higher heating demand over the next two weeks than previously expected.
The latest data from the EIA showed that US utilities added 74 billion cubic feet of gas into storage
Average gas output in the Lower 48 U.S. states rose to an average of 104.1 billion cubic feet per day (bcfd) so far in October
Temperatures in the Pacific Northwest of US fell below average for several days highlighting the seasonal volatility.
BUY NATURALGAS NOV @ 297 SL 292 TGT 304-310. MCX
