Buy Crudeoil Sep @ 6300 SL 6220 TGT 6380-6460. MCX - Kedia Advisory
CRUDE OIL
Observations
Crudeoil trading range for the day is 6112-6584.
Crude oil prices edged higher amid concerns over Libyan supplies.
Some oilfields in Libya have halted production amid a fight for control of the central bank.
Libya's Waha Oil Company, cut production to 150,000 barrels from 280,000 barrels previously.
Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 610,000 bpd in October.
BUY CRUDEOIL SEP @ 6300 SL 6220 TGT 6380-6460. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 167.3-187.1.
Natural gas climbed on a decline in daily output and a smaller-than-expected weekly storage build.
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 @ 176 SL 172 TGT 180-184. MCX
