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Crude Oil

Crudeoil trading range for the day is 6688-6974.

Crude oil gains underpinned by a large decline in US crude inventories

Support also seen amid expectations that OPEC+ leaders will keep global supply tight.

EIA data showed that US crude stockpiles tumbled by 10.6 million barrels last week

OPEC oil output rose in August as Iranian supply rose to its highest since 2018

SELL CRUDEOIL SEP @ 6920 SL 7000 TGT 6820-6720. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 219.5-243.3.

Natural gas rose on forecasts for hotter weather Traders assessed the impact from Hurricane Idalia, which could lead to lower demand for the fuel.

Idalia would likely knock out power to over a million homes and businesses, which would cut demand for both power and gas.

On a daily basis, output was on track to drop by 1.5 bcfd to a preliminary two-month low of 99.2 bcfd on Wednesday

SELL NATURALGAS SEP @ 232 SL 236 TGT 225-220. MCX

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