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CRUDE OIL

Observations

Crudeoil trading range for the day is 6219-6473.

Crude oil dropped on profit booking after prices rallied amid worries about escalating tensions in the Middle East.

U.S. gasoline demand rose by more than 1.1 million barrels per day.

Libya's NOC said it had restored production close to levels before the country's central bank crisis, reaching 1.22 mbpd.

U.S. and global oil demand growth will be smaller next year than prior forecasts - EIA

SELL CRUDEOIL OCT @ 6400 SL 6500 TGT 6300-6200. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 215-233.4.

Natural gas dropped as evidence of strong supply magnified the lower demand brought by hurricanes.

Average gas output in the Lower 48 U.S. states fell to 101.2 billion cubic feet per day (bcfd) so far in October, down from 101.8 bcfd in September.

Meteorologists projected the weather in the Lower 48 states will remain mostly milder than normal through at least Oct. 26.

U.S. natural gas production will decline in 2024 while demand will rise to a record high - EIA

BUY NATURALGAS OCT @ 220 SL 216 TGT 224-228. MCX