Sell Crudoil SEP @ 7150 SL 7250 TGT 7050-6950. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 7024-7162.
Crude oil gains on expectations of OPEC+ extending supply controls.
Russia’s Novak said that Russia agreed with its OPEC partners on the parameters for continued export cuts.
Saudi Arabia is also expected to extend its voluntary 1 million barrels per day output cut into October.
Crude inventories plummeted by 10.6 million barrels last week, far exceeding forecasts for a 3.3 million barrel draw.
SELL CRUDEOIL SEP @ 7150 SL 7250 TGT 7050-6950. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 214.8-231.
Natural gas dropped due to a larger-than-expected increase in gas storage
EIA said utilities added 32 bcf of gas into storage during the week ended Aug. 25.
Meteorologists forecast that weather in the lower 48 U.S. states will remain mostly hotter than normal through at least Sept. 16.
Bulgarian utilities regulator okays 6% hike in Sept natgas price
BUY NATURALGAS SEP @ 215 SL 210 TGT 222-226. MCX
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