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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