Crudeoil trading range for the day is 7122 - 7344 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 7122-7344.
Crude oil dropped on fears that energy demand could weaken
OPEC+ leaders Saudi Arabia and Russia extended supply cuts to the end of the year
U.S. crude oil stockpiles fell for the fourth consecutive week, with inventories down over 6% in the last month
Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that expected.
SELL CRUDEOIL SEP @ 7280 SL 7380 TGT 7180-7080. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 205.5-222.9.
Natural gas rebounded as markets gauged evidence of lower supply
US utilities added 33 bcf of natural gas into storage during the week ended September 1st, 2023
Output was on track to drop about 2.8 bcfd over the past few days to a preliminary 11-week low of 100.2 bcfd
Meteorologists forecast temperatures will remain mostly higher than normal through at least Sept. 22.
BUY NATURALGAS SEP @ 212 SL 207 TGT 219-224. MCX
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