Sell Crude Oil OCT @ 9200 SL 9300 TGT 9050-8950. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL OCT @ 9200 SL 9300 TGT 9050-8950. MCX
Observations
Crudeoil trading range for the day is 8530-9628.
Crude oil gained as heightened Middle East tensions clouded prospects for a diplomatic resolution to the conflict.
Iranian President Pezeshkian told UNGA that Tehran would never surrender to US pressure, dashing near-term de-escalation hopes
New vessel attack reported in Strait of Hormuz per UKMTO added to geopolitical risk premium amid ongoing Iran conflict
EIA report showed unexpected 3 mb crude build but larger-than-expected gasoline and distillate draws signaled product tightness
NATURAL GAS
SELL NATURALGAS OCT @ 326 SL 330 TGT 322-318. MCX
Observations
Naturalgas trading range for the day is 292.1-343.5.
Natural gas climbed on forecasts for seasonally cool weather, a drop in daily output and an increase in flows to LNG exports.
Daily Lower 48 gas output drops to 109.8 bcfd on Wednesday Storage surplus seen narrowing to 3.0% above five-year norm before EIA data
Cove Point maintenance has not prevented stronger September LNG export intake
