Sell Naturalgas Nov @ 345 SL 350 TGT 338-332. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL NOV @ 5360 SL 5440 TGT 5280-5220. MCX
Observations
Crudeoil trading range for the day is 5215-5483.
Crude oil fell amid concern about a supply glut following signals from OPEC+ that it may raise output again.
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.
The fire at Iraq's Zubair oilfield did not impact exports from the country, the country's oil minister said.
NATURAL GAS
SELL NATURALGAS NOV @ 345 SL 350 TGT 338-332. MCX
Observations
Naturalgas trading range for the day is 334.7-352.3.
Natural gas fell pressured by steady production and comfortable storage levels.
US output holds around 108 bcfd, keeping supply conditions ample.
Storage levels 5% above seasonal average, easing winter supply concerns.
Normal US temperatures through mid-November limit heating demand expectations.
