Buy Crudeoil Sep @ 6250 SL 6150 TGT 6350-6450. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6135-6445.
Crude oil dropped on profit booking after prices rose on supply concerns
Crude oil inventories at Cushing have fallen to six-month lows.
U.S. crude inventories were expected to have fallen by about 3 million barrels last week
Goldman Sachs cut its average 2025 Brent forecast and range for prices by $5 per barrel.
BUY CRUDEOIL SEP @ 6250 SL 6150 TGT 6350-6450. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 167.1-186.1.
Natural gas gains as relatively low gas prices in recent weeks prompted power generators to burn more gas.
Despite 12% more gas in storage than usual, weekly builds have been smaller than normal in 13 of the past 14 weeks.
LSEG reported a drop in gas output in Lower 48 U.S. states to an average of 102.4 bcfd in August.
LSEG forecasted a slide in average gas demand in the Lower 48, including exports, from 104.6 bcfd this week to 101.2 bcfd next week.
BUY NATURALGAS SEP @ 175 SL 171 TGT 179-182. MCX
