Sell Crude Oil OCT @ 8700 SL 8800 TGT 8600-8500. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 8700 SL 8800 TGT 8600-8500. MCX
Observations
Crudeoil trading range for the day is 8356-9286.
Crude oil prices declined as investors focused on signs of recovering crude exports from the region.
Saudi Arabia has resumed oil loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline
IEA member states will discuss strategic oil reserve releases if needed, Birol says
WTI crude oil speculative net longs increased by 8,952 contracts to 148,467
NATURALGAS
BUY NATURALGAS OCT @ 290 SL 286 TGT 294-298. MCX
Observations
Naturalgas trading range for the day is 285.6-307.6.
Natural gas dropped on expectations daily output will soon rise with the return to service of the Mountaineer XPress pipe
Average gas output in the US Lower 48 states rose to 112.3 billion cubic feet per day (bcfd) so far in September
Record output and mild spring weather have allowed energy firms to keep the amount of gas in inventory above five-year average since March
On the NYMEX and ICE's four major natural gas markets, speculative net shorts decreased by 27,105 contracts to 27,158
