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CRUDE OIL

Observations

Crudeoil trading range for the day is 6735-7289.

Crude oil rises watching Middle East geopolitics fearing supply disruption The

US and Saudi Arabia announced their commitment to diplomatic efforts aimed at maintaining stability in the Middle East Crude oil inventories in the US rose by 1.371 million barrels

Crude stocks at the Cushing, Oklahoma, delivery hub went up by 213 thousand barrels, recovering from a 758 thousand decrease in the previous week. 

SELL CRUDEOIL NOV @ 7150 SL 7250 TGT 7050-6950. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 270.7-288.1.

Natural gas climbed on forecasts for colder weather and higher heating demand next week.

That price increase came despite record production over the past few days and a mostly mild weather outlook through early November.

Average gas output in the Lower 48 U.S. states rose to an average of 103.9 billion cubic feet per day (bcfd) so far in October

On a daily basis, output rose to a record 106.1 bcfd on Sunday, topping the prior record of 105.1 bcfd on Saturday.

SELL NATURALGAS NOV @ 284 SL 290 TGT 276-270. MCX