Sell Crude Oil OCT @ 8850 SL 8950 TGT 8750-8650. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 8850 SL 8950 TGT 8750-8650. MCX
Observations
Crudeoil trading range for the day is 8327-9163.
Crude oil rose as markets assessed efforts to restore oil flows disrupted by the conflict in the Middle East.
BofA hikes Brent price forecast on prolonged Middle East supply disruptions Libya's NOC says
Sharara crude pipeline closure losses at 130,000 bpd
Stocks of crude oil in the U.S. SPR fell to 284.6 million barrels last week, the lowest level since October 1982.
NATURALGAS
BUY NATURALGAS SEP @ 286 SL 282 TGT 292-296. MCX
Observations
Naturalgas trading range for the day is 278.3-298.7.
Natural gas climbed on forecasts for seasonally cool weather, a drop in daily output and an increase in flows to LNG exports.
Daily Lower 48 gas output drops to 109.8 bcfd on Wednesday
Storage surplus seen narrowing to 3.0% above five-year norm before EIA data
Cove Point maintenance has not prevented stronger September LNG export intake
