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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