Crudeoil trading range for the day is 5575-5821 - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5575-5821.
Crude oil prices rebounded amidst global cheer at the stimulus measures rolled out by China.
Investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from China.
OPEC+ will go ahead with plans to increase production by 180,000 bpd each month starting from December.
Crude oil inventories in the US fell by 4.471 million barrels
BUY CRUDEOIL OCT @ 5650 SL 5550 TGT 5750-5850. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 222-256.4.
Natural gas jumped as Hurricane Helene battered the U.S. Southeast after causing Gulf of Mexico producers to cut output.
Gas output in the Lower 48 U.S. states has fallen to an average of 101.9 bcfd so far in September, down from 103.2 bcfd in August.
Average gas demand in the Lower 48, will drop from 99.6 bcfd to 98.4 bcfd next week and 98.1 bcfd in two weeks.
US utilities added 47 billion cubic feet of gas into storage.
SELL NATURALGAS OCT @ 246 SL 250 TGT 242-238. MCX
