Buy Natural Gas Oct @ 274 SL 270 TGT 278-282. MCX- Kedia Advisor
CRUDE OIL
BUY CRUDEOIL OCT @ 5200 SL 5120 TGT 5280-5360. MCX
Observations
Crudeoil trading range for the day is 5075-5561.
Crude oil dropped as geopolitical risk premiums eased amid Middle East developments.
Investors are worried that a prolonged U.S. government shutdown could dampen the economy and hurt oil demand.
US crude inventories also rose for a second consecutive week but stayed near seasonal lows.
OPEC+ opted for a restrained production increase, the lowest among options discussed, falling short of market expectations.
NATURAL GAS
BUY NATURALGAS OCT @ 274 SL 270 TGT 278-282. MCX
Observations
Naturalgas trading range for the day is 264.7-296.1.
Natural gas fell pressured by ample storage levels and forecasts for mild weather.
Record-high production enabled larger-than-usual injections into storage, leaving inventories about 4% above the seasonal average.
The latest EIA data showed an 80 bcf storage build for the week ending October 3.
Average gas output in the Lower 48 states eased to 106.4 bcfd so far in October, down from 107.4 bcfd in September.
