Sell Crude Oil OCT @ 7250 SL 7350 TGT 7150-7050. MCX - Kedia Advisory
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Crude oil
Observations
Crudeoil trading range for the day is 6966-7346.
Crude oil rises due to Middle East conflict, global supply worries
OPEC raises oil demand view in long – term outlook
OPEC also raised its demand forecasts for the medium term to 2028, citing robust demand this year
World demand in 2028 will reach 110.2 million bpd, OPEC said, up from 102 million bpd in 2023
SELL CRUDEOIL OCT @ 7250 SL 7350 TGT 7150-7050. MCX
Natural gas
Observations
Naturalgas trading range for the day is 271.1-294.1.
Natural gas edged up on rising exports and forecasts for cooler weather and higher heating demand.
Prices were also supported by worries about global energy supplies that boosted oil and gas prices around the world.
Support also seen amid possible strikes by workers at liquefied natural gas (LNG) export plants in Australia.
Average gas output in the lower 48 U.S. states rose to 102.7 billion cubic feet per day (bcfd) so far in October
SELL NATURALGAS OCT @ 285 SL 292 TGT 276-270. MCX
