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CRUDE OIL

Observations

Crudeoil trading range for the day is 5967-6283.

Crude oil gains due to drop in U.S. fuel inventories

Investors anticipate OPEC+ and its allies reconsidering output cuts in October.

Swiss bank UBS predicts a recovery to $90 per barrel if OPEC remains cautious.

Markets continued to monitor progress in the Middle East

BUY CRUDEOIL SEP @ 6100 SL 6020 TGT 6180-6250. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 162.7-189.1.

Natural gas dropped due to a larger-than-expected weekly storage build.

US utilities added 35 billion cubic feet of gas into storage during the week ending August 16, 2024.

LSEG forecasts average gas demand in the Lower 48, will rise from 103.7 bcfd this week to 103.9 bcfd next week.

Major producers like EQT and Coterra Energy are reducing output and delaying projects to manage excess supply.

BUY NATURALGAS AUG @ 168 SL 164 TGT 173-178. MCX