Buy Natural Gas SEP @ 267 SL 264 TGT 271-274. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL SEP @ 9650 SL 9550 TGT 9800-9900. MCX
Observations
Crudeoil trading range for the day is 8810-10230.
Crude oil rose as escalatory strikes between Iran and the US further suppressed supply from the key region.
Iraq plans to boost oil exports via Syria and Turkey to above 1 mln bpd.
Iran has ordered a temporary suspension of a 10% freight surcharge on foreign vessels transporting energy products into or out of Iran.
China imported 8.93 bpd of crude oil in August, a 6.2% increase from July
NATURAL GAS
BUY NATURALGAS SEP @ 267 SL 264 TGT 271-274. MCX
Observations
Naturalgas trading range for the day is 262.6-274.8.
Natural gas recovered supported by surging oil prices and boosted demand forecasts for the next two weeks
US gas inventories were 5.2% above the five-year seasonal average as of August 28
Output across the Lower 48 rose to 112.9 bcfd so far in September from August’s monthly high of 112.2 bcfd, reinforcing the supply overhang.
Demand for US LNG from Europe and Asia has also risen sharply as buyers seek to replace disrupted Middle Eastern supplies and replenish inventories
