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Crudeoil trading range for the day is 5695-6019 - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5695-6019.
Crude oil settled lower due to concerns about the outlook for demand
Crude oil inventories in the US slumped by 6.9 million barrels.
Libya oil exports still mostly shut, some ships loading from storage
Venezuela's oil exports climb to four-year high in August
SELL CRUDEOIL SEP @ 5850 SL 5950 TGT 5750-5680. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 173-201.4.
Natural gas jumped on a smaller-than-expected storage build.
Support also seen amid rising gas flows to LNG export plants and a continued decline in output so far this month.
US utilities added 13 billion cubic feet of gas into storage, reaching 3,347 billion cubic feet in the final week of August
Gas output in the Lower 48 U.S. states has slid to an average of 102.2 billion cubic feet per day (bcfd) so far in September
BUY NATURALGAS SEP @ 188 SL 184 TGT 193-196. MCX
