Buy NaturalGas Sep @ 182 SL 177 TGT 188-192. MCX - Kedia Advisory
CRUDE OIL
Observations
Crudeoil trading range for the day is 5691-6363.
Crude oil prices slipped on expectations of higher OPEC+ production from October
Pressure also seen amid signs of sluggish demand in China and US raised concerns about future consumption growth. While Libyan exports remain halted, the Arabian Gulf Oil Company has resumed output at up to 120,000 bpd to meet domestic needs.
In U.S, oil consumption in June dropped to seasonal lows last registered during the COVID-19 pandemic in 2020
SELL CRUDEOIL SEP @ 5960 SL 6030 TGT 5870-5800. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 171.8-192.2.
Natural gas eased on forecasts for less hot weather than previously expected
That price decline came despite a bullish drop in output in recent days
U.S. spot natural gas prices for the month of August fell to a 26-year low at the Henry Hub benchmark in Louisiana.
Gas output in the Lower 48 U.S. states slid to an average of 102.3 bcfd so far in September.
BUY NATURALGAS SEP @ 182 SL 177 TGT 188-192. MCX
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