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Crude Oil

Observations

Crudeoil trading range for the day is 7200-7492.

Crude oil gains driven by OPEC's continued projection of strong oil demand growth.

OPEC stuck to its forecasts for robust growth in global oil demand in 2023 and 2024

World oil demand will rise by 2.25 mbpd in 2024, compared with growth of 2.44 million bpd in 2023

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market.

BUY CRUDEOIL SEP @ 7340 SL 7240 TGT 7440-7540. MCX

Natural gas

Observations

Naturalgas trading range for the day is 212-239.6.

Natural gas climbed on forecasts for warmer weather and higher demand

Prices rose on a big drop in daily in U.S. output

Capping those gains, however, was the ongoing reduction in feedgas to Freeport LNG's export plant in Texas

Meteorologists forecast the weather would remain mostly near normal from Sept. 12-18 before turning hotter than usual.

BUY NATURALGAS SEP @ 225 SL 220 TGT 232-234. MCX