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CRUDEOIL

Observations

Crudeoil trading range for the day is 7106-7376.

Crude oil stabilised as tightening global oil supplies helped offset concerns about demand

Saudi Arabia and Russia jointly announced their decision to extend voluntary supply cuts totaling 1.3 million barrels per day

However, concerns regarding sluggish economic growth in China continued to grip commodity markets

The IEA lowered its 2024 forecast for oil demand growth to 1 million bpd

SELL CRUDEOIL SEP @ 7300 SL 7380 TGT 7180-7080. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 211.8-223.4.

Natural gas gains on a big daily drop in output and much higher global prices.

Support also seen due to ongoing strikes at Chevron's LNG projects in Australia and gas supply maintenance outages in Norway.

Capping those gains were forecasts for milder weather and lower demand

Bulgargaz predicts 9% cut in Oct natgas price, Nov price to jump

BUY NATURALGAS SEP @ 214 SL 208 TGT 222-228. MCX

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