Sell Natural Gas NOV @ 285 SL 290 TGT 275-270. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6690-7162.
Crude oil dropped as Middle East worries eased, and investors looked ahead to a busy week of economic data
World Bank said it expected global oil prices to average $90 a barrel in the fourth quarter, and to drop to an average of $81 a barrel over next year
US EIA cuts 2024 world oil demand growth forecast
Investors await global manufacturing data and the all-important U.S. jobs report this week for clarity on the economic outlook.
SELL CRUDEOIL NOV @ 6950 SL 7050 TGT 6850-6750. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 267.8-299.
Natural gas fell on record output and forecasts for milder weather and lower heating.
The latest data from the EIA showed that US utilities added 74 billion cubic feet of gas into storage
Average gas output in the Lower 48 U.S. states rose to an average of 104.1 billion cubic feet per day (bcfd) so far in October
Temperatures in the Pacific Northwest of US fell below average for several days highlighting the seasonal volatility.
SELL NATURALGAS NOV @ 285 SL 290 TGT 275-270. MCX
