Buy Crudeoil SEP @ 6180 SL 6100 TGT 6280-6350. MCX - Kedia Advisory
CRUDE OIL
Observations
Crudeoil trading range for the day is 6081-6325.
Crude oil gains amid supply disruptions in Libya as the production shutdown widened.
OPEC+ is set to proceed with a planned oil output hike from October
Libyan output disruptions limited the decline
Iraq plans to reduce its oil output to between 3.85 million and 3.9 million bpd next month.
BUY CRUDEOIL SEP @ 6180 SL 6100 TGT 6280-6350. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 179.2-188.
Natural gas gains amid fresh signs of robust demand for gas-intensive demand for cooling.
US utilities added 35 billion cubic feet of gas into storage during the week that ended August 23, 2024
Last week's increase raised stockpiles to 3,334 Bcf, 228 Bcf higher than last year at this time and 361 Bcf above the five-year average of 2,973 Bcf.
Gas output in the Lower 48 U.S. states has slid to an average of 102.4 bcfd so far in August.
BUY NATURALGAS SEP @ 182 SL 177 TGT 188-192. MCX
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Sell Gold Apr @ 86200 SL 86500 TGT 85700-85500. MCX - Kedia Advisory
