Buy Crudeoil Sep 2021 @ 5020 SL 4940 TGT 5100-5140.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4942-5130.
Crude oil dropped after Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Global oil supplies are increasing as OPEC+, is raising output by 400,000 barrels per day each month between August and December.
Losses were capped by concerns that U.S. supply would remain limited in the wake of Hurricane Ida
The U.S. government is releasing crude from strategic petroleum reserves as production in the U.S. Gulf Coast struggled to recover.
BUY CRUDEOIL SEP 2021 @ 5020 SL 4940 TGT 5100-5140.MCX
NATURAL GAS
Natural gas trading range for the day is 336.6-352.6.
Natural gas gained as significant output remained offline in the aftermath of Hurricane Ida, exacerbating supply concerns in an already tight market.
U.S. Gulf Coast energy companies have advanced efforts to restart facilities, but larger hurdles remain for producers and refiners.
A weekly report showing a storage injection of just 20 billion cubic feet (bcf) during the week ended Aug. 27 also supported prices.
U.S. pipeline exports to Mexico rose to an average 6.3 bcfd so far this month, from 6.2 bcfd in August, but were slightly lower than June's monthly record of 6.7 bcfd
BUY NAT GAS SEP 2021 @ 340.00 SL 334.00 TGT 346.00-348.50.MCX
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