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CRUDE OIL

Observations

Crudeoil trading range for the day is 6755-7263.

Crude oil prices declined as concerns about supply disruptions in the Middle East fade.

Diplomatic efforts are mounting to contain the Israel-Hamas struggle, which could lead to a wider conflict in the region.

IEA sees enough strategic oil reserves, no action needed for now IEA lowered its oil demand growth forecast for 2024 in its October report to 880,000 bpd from the previous forecast of 1 mbpd growth 

SELL CRUDEOIL NOV @ 7050 SL 7150 TGT 6950-6850. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 239.1-250.7.

Natural gas gains on forecasts for cooler weather and higher heating demand next week

That small price increase came despite record output, ample storage

Average gas output in the Lower 48 U.S. states rose to an average of 103.9 billion cubic feet per day (bcfd) so far in October

On a daily basis, output rose to a record 106.1 bcfd on Sunday, topping the prior record of 105.1 bcfd on Saturday.  

SELL NATURALGAS OCT @ 248 SL 254 TGT 242-237. MCX