Sell Crude Oil OCT @ 8650 SL 8750 TGT 8550-8450. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 8650 SL 8750 TGT 8550-8450. MCX
Observations
Crudeoil trading range for the day is 8248-9206.
Crude oil fell as prospects for Gulf supplies improved, with Iran signaling it could reopen the Strait of Hormuz within seven days.
Iran offers to reopen Strait of Hormuz within seven days if US lifts blockade
Oil stocks in US strategic petroleum reserve fall to lowest level since 1982
Output falls at Libya's Sharara oilfield, NOC chair says
NATURALGAS
BUY NATURALGAS SEP @ 280 SL 276 TGT 284-288. MCX
Observations
Naturalgas trading range for the day is 265.1-292.3.
Natural gas jumped on a drop in daily output and an increase in flows to LNG exports so far this month.
Daily production seen dropping to 11-week low, led by Louisiana and North Dakota
Storage surplus likely narrowed to 3.0% before Thursday's federal inventory report
LNG feedgas rose this month despite planned maintenance at Berkshire's Cove Point plant
