Crude Oil may open in green tracking positive international markets as it can test 3310-3410 in MCX. North Dakota Oil production dropped 4.7% in August on a commodity price slump, falling below the one-million-barrel-a-day mark for the first time in more than two years, according to the latest data from the state’s Department of Mineral Resources. U.S. crude stocks swelled 4.9 million barrels in the week ended Oct. 7, much more than the 700,000 barrels forecast by analysts.
Prices bounced back as the market turned its attention to product inventory drawdown in the same EIA data. The EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline. Natural gas may continue its bullish momentum on good demand as it can test 228 in MCX.
Courtesy: Smc Comtrade