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CRUDE OIL

Observations

Crudeoil trading range for the day is 6687-6919.

Crude oil gains after Saudi Arabia and Russia announced that they would stick to extra voluntary oil output cuts until the end of the year

Saudi Arabia confirms to continue voluntary 1 mln bpd output cut for December

Russia to continue voluntary cut of oil and oil product exports until year – end

US lower House passed a bill to ramp up sanctions on Iranian oil that would target foreign ports and refineries processing petroleum exported from Iran.

SELL CRUDEOIL NOV @ 6900 SL 7000 TGT 6800-6700. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 261.3-292.5.

Natural gas fell due to increased gas production, an abundance of gas in storage, subdued demand Natural gas production has been on the rise in November, following a record high in October.

The expectation of warmer-than-normal weather until at least mid-November is reducing heating demand, further dampening the need for natural gas. 

Gas flows to US LNG export facilities are increasing but remain below the record levels observed in April.

SELL NATURALGAS NOV @ 276 SL 282 TGT 267-263. MCX