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CRUDEOIL

Observation

Crudeoil trading range for the day is 5605-5969.

Crude oil rose spurred by concern over Hurricane Francine's impact on U.S. output

IEA cuts 2024 oil demand growth forecast on China slowdown

Global oil supply rises with higher production from non-OPEC countries like the US, Guyana, and Brazil.

OPEC+ may face surplus risks as non-OPEC supply outpaces demand growth.

BUY CRUDEOIL SEP @ 5750 SL 5650 TGT 5850-5950. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 183-209.8.

Natural gas gains supported by rising seasonal demand, record LNG exports

US utilities added 40 billion cubic feet of gas into storage during the week

Despite US production reaching record highs, anticipated demand growth, is set to tighten market conditions.

Gas output in the Lower 48 U.S. states slid to an average of 102.1 bcfd so far in September, down from 103.2 bcfd in August.

BUY NATURALGAS SEP @ 196 SL 192 TGT 202-206. MCX