Sell Natural Gas Nov @ 342 SL 348 TGT 334-330. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL NOV @ 5400 SL 5480 TGT 5320-5250. MCX
Observations
Crudeoil trading range for the day is 5231-5481.
Crude oil rose as traders assessed the impact of US sanctions on Russian oil and fresh inventory data.
EIA reported a larger-than-expected 6.9 mbls decline in US crude stockpiles, along with drops in gasoline and distillate inventories.
IEA raised its forecast for global oil supply growth this year following the decision by the OPEC+ group to hike production
US sanctions on Russian oil giants Rosneft and Lukoil remained in focus.
NATURAL GAS
SELL NATURALGAS NOV @ 342 SL 348 TGT 334-330. MCX
Observations
Naturalgas trading range for the day is 327.6-347.6.
Natural gas fell pressured by steady production and comfortable storage levels.
Output has stayed near a three-week high of around 108 bcfd over the past few days.
Current storage levels stand roughly 5% higher than average for this time of year, easing supply concerns ahead of winter.
Weather forecasts show mostly normal temperatures across the US through mid-November, tempering expectations for stronger heating demand.
