Crudeoil trading range for the day is 5656-5962 - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5656-5962.
Crude oil dropped on reports crude oil production resumed in several facilities along the U.S. Gulf of Mexico.
Concerns about the outlook for oil demand from China weighed as well on oil prices.
IEA cuts 2024 oil demand growth forecast on China slowdown
Global oil supply rises with higher production from non-OPEC countries like the US, Guyana, and Brazil.
SELL CRUDEOIL SEP @ 5800 SL 5900 TGT 5700-5600. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 187.2-205.8.
Natural gas dropped on profit booking after 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.
SELL NATURALGAS SEP @ 196 SL 200 TGT 192-188. MCX
