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Crude Oil

Observation

Crudeoil trading range for the day is 6776-7328.

Crude oil fell as fears of possible supply disruptions in the Middle East started to fade.

Saudi Arabia reiterated its support for efforts by OPEC+ to balance oil markets and measures that could bolster global growth.

OPEC raises estimates for future oil demand in Middle East

U.S. crude stocks at the Cushing, Oklahoma, storage hub rose last week for the first time in eight weeks. 

SELL CRUDEOIL OCT @ 7100 SL 7200 TGT 7000-6900. MCX

Natural Gas 

Observation

Naturalgas trading range for the day is 259.2-296.6.

Natural gas slid on forecasts for milder weather and lower demand.

Average gas output in the Lower 48 U.S. states rose to 102.8 bcfd so far in October, up from 102.6 bcfd in September

Pipeline exports to Mexico held near 7.2 bcfd so far in October, the same as the monthly record high hit in September.

Global gas demand, meanwhile, is expected to experience slower growth to 2026

SELL NATURALGAS OCT @ 282 SL 286 TGT 275-270. MCX