BUY NATURALGAS SEP @ 180 SL 177 TGT 184-187. MCX - Kedia Advisory
CRUDEOIL
Observation
Crudeoil trading range for the day is 5615-5879.
Crude oil gains amid risk of production disruptions from a potential hurricane approaching the U.S.
Gulf Coast Chinese refiners are likely buying a combined 16 million barrels of oil a month to replenish the SPR at current low prices.
BOFA downgraded its 2025 Brent price forecast by $5 to $75 per barrel, citing weaker demand, particularly from China
Citi warned that failure to cut production could result in $60 per barrel oil prices in 2025
BUY CRUDEOIL SEP @ 5750 SL 5650 TGT 5850-5950. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 176.5-192.9.
Natural gas slid on expectations a storm forecast to hit Louisiana later this week will cut demand by causing power outages.
Another factor weighed on prices was the tremendous oversupply of gas left in storage after a mild winter.
That price decline came despite forecast for more demand next week than previously expected.
There was still about 10% more gas in storage than normal for this time of year.
BUY NATURALGAS SEP @ 180 SL 177 TGT 184-187. MCX
