Buy Crudeoil Oct @ 5600 SL 5520 TGT 5680-5750. MCX - Kedia Advisory
CRUDEOIL
Observation
Crudeoil trading range for the day is 5482-5952.
Crude oil slipped on reports that Saudi Arabia, will give up its price target in preparation for raising output.
Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output.
Libya's crude exports have averaged about 400,000 bpd in September, down from over 1 mbpd in August
Crude oil inventories in the US fell by 4.471 million barrels
BUY CRUDEOIL OCT @ 5600 SL 5520 TGT 5680-5750. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 221.4-245.8.
Natural gas dropped after EIA reported a bigger-than-expected storage build.
Pressure also seen on forecasts for less demand over the next two weeks than previously expected.
US utilities added 47 billion cubic feet of gas into storage
Gas output in the Lower 48 U.S. states has slid to an average of 102.0 bcfd so far in September
SELL NATURALGAS OCT @ 233 SL 237 TGT 228-224. MCX
