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Buy Naturalgas Sep @ 213 SL 209 TGT 217-220. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5726-6106.
Crude oil dropped amid concerns about the outlook for demand
US refineries are planning their lightest maintenance in three years, likely boosting oil demand in the coming months.
A slowdown in Chinese demand as the main driver of weaker global demand growth.
IEA has cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2%, to 900,000 bpd
BUY CRUDEOIL OCT @ 5850 SL 5750 TGT 5950-6000. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 200.6-225.8.
Natural gas gains on warmer-than-normal weather forecasts that could boost cooling demand.
That price increase came despite a slightly higher-than-expected weekly storage build.
Average gas demand in the Lower 48, at 99.6 bcfd to 98.7 bcfd next week.
Gas output in the Lower 48 U.S. states slid to an average of 102.0 bcfd so far in September, down from 103.2 bcfd in August.
BUY NATURALGAS SEP @ 213 SL 209 TGT 217-220. MCX
