Sell Natural Gas Nov @ 382 SL 388 TGT 374-370. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 5260 SL 5180 TGT 5340-5400. MCX
Observations
Crudeoil trading range for the day is 5230-5440.
Crude oil dropped as traders weighed a sharp rise in inventories against signs that US sanctions on Russia are starting to take effect.
API report indicated the biggest increase in U.S. inventories in more than three months for the week ended October 31
Libya considers raising oil output to 1.6 million bpd next year
HSBC expects OPEC+ oil quota increases to accelerate later in 2026
NATURAL GAS
SELL NATURALGAS NOV @ 382 SL 388 TGT 374-370. MCX
Observations
Naturalgas trading range for the day is 368.8-390.
Natural gas fell as output increased and forecasts pointed to mild weather, reducing near-term heating demand.
Meteorologists expect above-normal temperatures across most of the country through mid-November, keeping heating demand subdued.
Average gas production in the Lower 48 states is rising in November from 107 bcfd in October.
Record-high output earlier this year has boosted storage levels, which are about 4% above the seasonal average.
