Sell Crude Oil Oct @ 5560 SL 5650 TGT 5450-5350. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 5560 SL 5650 TGT 5450-5350. MCX
Observations
Crudeoil trading range for the day is 5358-5578.
Crude oil dropped amid persistent oversupply concerns and weak demand prospects.
JP Morgan said that global oil inventories, have risen every week in September, adding 123 million barrels during the month.
China, meanwhile, is building oil reserves sites at a rapid clip as part of a campaign to boost stockpiles.
Russia's Kirishi oil refinery halted its most productive distillation unit after a drone attack and subsequent fire on October 4.
NATURALGAS
BUY NATURALGAS OCT @ 302 SL 296 TGT 310-315. MCX
Observations
Naturalgas trading range for the day is 294.4-315.4.
Natural gas gained on a decline in daily output.
However, upside seen limited amid lower flows to LNG export plants and forecasts for less demand.
Production in the Lower 48 states averaged 106.5 bcfd so far in October, down from 107.4 bcfd in September.
Meteorologists forecast mostly warmer-than-usual weather through at least October 22, limiting heating demand.
