Sell Crudeoil Oct 2021 @ 5650 SL 5740 TGT 5550-5490.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5719-6013.
Crude oil rallied after OPEC and other major producers decided not to increase their output by more than previously agreed.
OPEC+ sticks to plan for gradual oil output hike
Kazakhstan reports 162% compliance with OPEC+ deal in Sept
The oil and gas rig count rose by seven to 528 in the week to October 1, its highest since April 2020
SELL CRUDEOIL OCT 2021 @ 5650 SL 5740 TGT 5550-5490.MCX
NATURAL GAS
Natural gas trading range for the day is 420.6-502.4.
Natural gas jumped as soaring global prices kept demand for U.S. liquefied natural gas (LNG) exports strong.
Prices in Europe soared to fresh record highs on worries several European countries do not have enough gas stored for the coming winter heating season
Prices in Asia also traded near record levels as China and other major LNG buyers compete for available cargoes to meet their insatiable demand
U.S. gas demand, including exports, would slide from an average of 85.0 bcfd this week to 83.6 bcfd next week as the weather turns milder.
BUY NAT GAS OCT 2021 @ 420.00 SL 408.00 TGT 432.00-438.00.MCX
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