01-11-2023 10:02 AM | Source: Kedia Advisory
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

 

 

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