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CRUDE OIL

Observations

Crudeoil trading range for the day is 5508-5990.

Crude oil tumbled after Israel’s retaliatory strikes on Iran avoided the country’s crude facilities and nuclear infrastructure

Signs of weak economic activity in China continued to weigh on sentiment.

Elsewhere, market participants are watching for potential output adjustments from OPEC+ and the implications of the US election.

U.S. weekly oil field production rose by 100,000 barrels per day (bpd) to a record 13.5 million bpd

BUY CRUDEOIL NOV @ 5650 SL 5550 TGT 5750-5850. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 222.5-266.7.

Natural gas dropped on forecasts for mild weather through at least mid-November, less demand next week.

Another factor weighing on gas prices was a drop in oil futures after a limited Israeli attack on Iran over the weekend.

Speculators turned their net long futures and options positions to net short last week for the first time since April.

Meteorologists forecast warmer-than-normal temperatures across the Lower 48 states through at least November 9

SELL NATURALGAS NOV @ 242 SL 246 TGT 237-233. MCX