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CRUDE OIL

Observations

Crudeoil trading range for the day is 6122-6362.

Crude oil fell driven by concerns over China's weakening economy.

Libya’s NOC announced that its oil production has reached 1.3 million barrels in the past 24 hours.

Azerbaijan's oil production stood at 65,000 tonnes per day in September versus 64,870 tonnes per day in August.

Money managers cut their net long U.S. crude futures and options positions in the week to October 8.

SELL CRUDEOIL OCT @ 6300 SL 6400 TGT 6200-6100. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 204.4-222.8.

Natural gas dropped on forecasts for milder weather and less demand next week than previously expected.

Average gas output in the Lower 48 U.S. states slid to 101.4 bcfd so far in October, down from 101.8 bcfd in September

Average gas demand in the Lower 48, including exports, will slide from 97.5 bcfd this week to 95.5 bcfd next week.

Meteorologists projected the weather in the Lower 48 states will switch from colder than normal from Oct. 14-17 to warmer than normal.

BUY NATURALGAS OCT @ 208 SL 204 TGT 212-216. MCX