Sell Crude Oil OCT @ 8880 SL 8980 TGT 8760-8650. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 8880 SL 8980 TGT 8760-8650. MCX
Observations
Crudeoil trading range for the day is 8630-9046.
Crude oil gained as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70% of crude production.
President Trump said US would not attack Iran before midterm elections, amid productive talks to end their war.
Threats to shipping in the Gulf and the Strait of Hormuz, , have increased in October.
The oil market is contending with Hurricane Isaias in the Gulf of Mexico where producers have shut in about 1.3 mbpd.
NATURALGAS
SELL NATURALGAS OCT @ 315 SL 319 TGT 310-307. MCX
Observations
Naturalgas trading range for the day is 297.8-323.
Natural gas gained on a drop in output and worries that a Gulf of Mexico storm could cause further supply disruptions.
US EIA said energy firms added 85 bcf of gas to storage during the week ended October 2.
US natural gas market is expected to see supply growth outpace demand this winter despite rising LNG exports – NSGA
US dry gas production is expected to average 112.5 bcfd this winter, up roughly 2.5 bcf/d from last year - NSGA
