Buy Crude Oil OCT @ 8600 SL 8500 TGT 8700-8800. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL OCT @ 8600 SL 8500 TGT 8700-8800. MCX
Observations
Crudeoil trading range for the day is 8264-8876.
Crude oil prices fell as resilient Middle Eastern crude exports and a G7 emergency stockpile release eased supply concerns.
Gulf oil flows excluding Iran surged to over 81% of pre-war levels in September, data showed.
Crude oil speculators reduced their WTI net long positions by 17,317 contracts, bringing the total to 131,150 contracts.
Global oil markets remained volatile and tight, with a supply shortage, Russia’s Novak said.
NATURAL GAS
BUY NATURALGAS OCT @ 298 SL 294 TGT 302-306. MCX
Observations
Naturalgas trading range for the day is 293.8-306.
Natural gas rose on a drop in output due to pipeline problems and a recent increase in flows to LNG export plants
Daily output drops to four-month low of 108.9 bcfd on Tuesday amid pipeline problems
LNG feedgas rises to one-week high of 17.6 bcfd as Freeport flows are expected to increase
National Hurricane Center sees 90% cyclone formation chance in the Gulf over seven days
