Sell Crudeoil Oct 2021 @ 5620 SL 5740 TGT 5500-5440.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5334-5766.
Crude oil prices fell after as higher U.S. crude oil inventories and a strong dollar outweighed bullishness from supply deficit forecasts.
U.S. oil and fuel stockpiles increased by 4.6 million barrels to 418.5 million barrels in the week to Sept. 24
OPEC+ seen sticking to November output plans, despite $80 oil, sources say
Citigroup is forecasting oil balances to be in a 1.5 million barrel per day deficit on average over the next six months
SELL CRUDEOIL OCT 2021 @ 5620 SL 5740 TGT 5500-5440.MCX
NATURAL GAS
Natural gas trading range for the day is 396.4-448.6.
Natural gas prices rose on prospects of supply constraints ahead of the winter.
At the same time, inventories in Europe are at historically low levels for this time of year.
In China, imports are almost the double from last year's levels and in Brazil, imports are also near record levels.
EIA said utilities added a bigger-than-usual 88 billion cubic feet (bcf) of gas into storage during the week ended Sept. 24
BUY NAT GAS OCT 2021 @ 430.00 SL 415.00 TGT 446.00-454.00.MCX
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