Buy Natural Gas Sep @ 265 SL 260 TGT 270-275. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL SEP @ 5400 SL 5320 TGT 5480-5560. MCX
Observations
Crudeoil trading range for the day is 5304-5684.
Crude oil dropped as a weak jobs report dimmed the outlook for energy demand in the U.S.
Eight OPEC+ countries meeting agreed to raise oil output in October by 137,000 barrels per day \
EIA data showed that oil stocks in the US unexpectedly rose by 2.4 million barrels in the last week of August.
Tanker movements showed that Russian oil exports to China surged, taking up lost demand for India.
NATURALGAS
BUY NATURALGAS SEP @ 265 SL 260 TGT 270-275. MCX
Observations
Naturalgas trading range for the day is 262.6-279.
Natural gas inched lower amid bigger-than-usual storage build, recent declines in flows to LNG export.
Report from the EIA showed an increase of 55 billion cubic feet of natural gas storage on the last week of August, in line with expectations.
Average gas output in the Lower 48 states has fallen to 107.2 bcfd so far in September, down from a record monthly high of 108.3 bcfd in August.
Meteorologists forecast the weather will remain mostly near normal through September 19, consistent with previous expectations.
