10-09-2024 11:46 AM | Source: Kedia Advisory
BUY NATURALGAS SEP @ 180 SL 177 TGT 184-187. MCX - Kedia Advisory

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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

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