BUY CRUDEOIL OCT @ 5180 SL 5120 TGT 5250-5300. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL OCT @ 5180 SL 5120 TGT 5250-5300. MCX
Observations
Crudeoil trading range for the day is 5044-5404
Crude oil fell after the IEA’s market outlook reinforced expectations of a growing supply surplus.
The IEA raised its forecast for global oil supply growth to 3 million barrels per day this year and 2.4 million in 2026
OPEC said in its monthly report that global demand would grow by 1.3 million barrels a day this year and 1.4 million in 2026.
Renewed US-China trade tensions and a risk-off mood in markets deepened selling pressure.
NATURAL GAS
BUY NATURALGAS OCT @ 266 SL 260 TGT 272-278. MCX
Observations
Naturalgas trading range for the day is 261.9-280.7.
Natural gas fell as mild weather forecasts and robust storage levels eased concerns over supply tightness.
Updated outlooks showed warmer-than-normal conditions through late October, curbing expectations for heating demand.
NatGasWeather said that significant cooling may not arrive until the final week of the month.
Gas production in the Lower 48 states averaged 106.4 bcfd so far in October, down from September’s 107.4 bcfd.
