Sell Crude Oil OCT @ 5540 SL 5600 TGT 5460-5400. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL OCT @ 5540 SL 5600 TGT 5460-5400. MCX
Observations
Crudeoil trading range for the day is 5380-5652.
Crude oil dropped as a U.S. government shutdown fed worries about the global economy.
U.S. crude oil production rose to a fresh monthly high of 13.64 mbpd in July, up 109,000 bpd from the previous record in June.
Crude inventories rose by 1.8 million barrels to 416.5 million barrels in the week ended September 26, the EIA said.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 271,000 barrels in the week, according to the EIA.
NATURAL GAS
SELL NATURALGAS OCT @ 312 SL 316 TGT 308-304. MCX
Observations
Naturalgas trading range for the day is 289.4-319.4.
Natural gas jumped on a drop in daily output and some technical short-covering.
Prices rose despite a decline in daily gas flows LNG export plants, ample amounts of fuel in storage.
Average gas output in the Lower 48 states fell to 107.0 bcfd so far in October, down from 107.4 bcfd in September.
Meteorologists forecast the weather will remain mostly warmer than normal through at least October 16.
