BUY NATURALGAS SEP @ 196 SL 192 TGT 201-204. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5694-6030.
Crude oil rose driven by ongoing disruptions to US Gulf oil infrastructure and expectations of a US interest rate cut.
Also, investors are increasingly betting on a larger 50-bps rate cut by Fed, which could boost economic activity.
However, concerns persist over slowing demand after Chinese data showed the longest stretch of industrial slowdown since 2021.
Libyan oil exports dropped significantly amid stalled UN-led talks over central bank control.
BUY CRUDEOIL SEP @ 5850 SL 5750 TGT 5950-6050. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 186.4-207.8.
Natural gas prices gained supported by higher demand forecasts and a drop in output.
Hurricane Francine prompted oil and gas producers to cut production.
The U.S. EIA said utilities added 40 billion cubic feet (bcf) of gas into storage.
Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024.
BUY NATURALGAS SEP @ 196 SL 192 TGT 201-204. MCX
