Crudeoil trading range for the day is 5700-6094 - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5700-6094.
Crude oil dropped on concerns about a weak global economy and particularly soft data from China.
OPEC+ discussing delay to planned oil output hike in October
U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020
Crude oil production in the country rose by 25,000 bpd from May to 13.21 million bpd in June
SELL CRUDEOIL SEP @ 5900 SL 5980 TGT 5820-5760. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 172.7-195.1.
Natural gas dropped amid bearish forecasts for less hot weather than previously expected.
There was 12% more gas in storage than usual for this time of year.
Gas output in Lower 48 U.S. states slid to an average of 102.3 billion cubic feet per day in September.
Meteorologists predict weather will remain mostly near normal through Sept. 11 before turning warmer than normal from Sept 12-18.
BUY NATURALGAS SEP @ 177 SL 173 TGT 182-186. MCX
