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Naturalgas trading range for the day is 211.8-223.4 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 7106-7376.
Crude oil gains as investors chose to focus on tighter supply
Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 mbpd to the end of the year.
U.S. crude oil stockpiles fell for the fourth consecutive week, with inventories down over 6% in the last month
However, concerns persist on the demand side, due to China’s flagging economy
SELL CRUDEOIL SEP @ 7300 SL 7380 TGT 7180-7080. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 211.8-223.4.
Natural gas edged up on forecasts of hotter than normal weather
Support also seen due to worries about a strike at U.S. energy firm Chevron's LNG export projects in Australia.
Output was on track to drop about 3.0 bcfd over the past four days to a preliminary 12-week low of 100.1 bcfd on Friday.
Meteorologists forecast temperatures will remain mostly higher than normal through at least Sept. 23.
SELL NATURALGAS SEP @ 218 SL 222 TGT 212-208. MCX
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