Crudeoil trading range for the day is 7106-7376 - Kedia Advisory
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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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