Crude oil trading range for the day is 4992-5186 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4992-5186.
Crude oil seen some pressure after OPEC+ agreed to add another 400,000 barrels per day of supply each month to the market through December
OPEC+, stuck to a plan to add 400,00 barrels per day (bpd) to the market over the next few months
US welcomed the move and pledged to press the exporter club to do more to support economic recovery by unleashing production.
U.S. oil stockpiles dropped by 7.169 million barrels last week, more than twice the expected drop of about 3.1 million barrels.
BUY CRUDEOIL SEP 2021 @ 5090 SL 5000 TGT 5180-5240.MCX
NATURAL GAS
Natural gas trading range for the day is 334.1-348.3.
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 @ 336.00 SL 330.00 TGT 344.00-350.00.MCX
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