Buy Natural Gas Oct @ 292 SL 288 TGT 296-300. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 5600 SL 5670 TGT 5530-5450. MCX
Observations
Crudeoil trading range for the day is 5467-5681.
Crude oil dropped as traders weighed the prospects of larger global supply and the potential for a Gaza ceasefire.
Reports indicate that OPEC+ may approve an additional 137,000 bpd output increase for November at its meeting.
Oil exports from Iraq’s Kurdistan region resumed via the Iraq–Turkey pipeline, following an interim deal.
The potential risk of a US government shutdown has also raised demand concerns.
NATURALGAS
BUY NATURALGAS OCT @ 292 SL 288 TGT 296-300. MCX
Observations
Naturalgas trading range for the day is 285-303.6.
Natural gas climbed supported by forecasts that warmer-than-normal weather will persist through mid-October.
Output in the Lower 48 eased to 107.4 bcfd so far in September from a record 108.3 bcfd in August.
The earlier surge in supply fueled large storage injections, leaving inventories 6% above the five-year average.
Forecasts point to above-normal warmth stretching into early October, while LNG feedgas flows averaged 15.7 bcfd.
