Sell Crudeoil OCT @ 7280 SL 7380 TGT 7180-7080. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 7097-7445.
Crude oil dropped on profit booking as traders continued to monitor the Israel-Hamas war
US crude oil production hits a record high – EIA
U.S. crude stocks rose as production jumped to a record high, while gasoline and distillate inventories fell last week
Crude inventories rose by 10.2 million barrels in the week ended
Oct. 6 to 424.2 million barrels
SELL CRUDEOIL OCT @ 7280 SL 7380 TGT 7180-7080. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 250.7-270.9.
Natural gas fell due to increased production, reduced exports to Mexico
Natural gas production rose to 103.4 bcfd so far in October, surpassing a record high of 103.1 bcfd in July.
LSEG said average gas output in the Lower 48 U.S. states rose to an average of 103.4 bcfd so far in October
LSEG forecast U.S. gas demand, including exports, would hold around 97.3 bcfd this week and next.
SELL NATURALGAS OCT @ 265 SL 270 TGT 258-254. MCX
