Crudeoil trading range for the day is 5868-6034 - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5868-6034.
Crudeoil prices ended with gains amid rising Middle East tensions and falling U.S. supply.
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 @ 5950 SL 5850 TGT 6050-6150. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 188.1-210.7.
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 @ 200 SL 196 TGT 204-206. MCX
