Sell Crude Oil Sep @ 5650 SL 5750 TGT 5550-5450. MCX - Kedia Advisory
Crude oil
SELL CRUDEOIL SEP @ 5650 SL 5750 TGT 5550-5450. MCX
Observations
Crudeoil trading range for the day is 5527-5689.
Crude oil settled flat pressured by expectations of lower U.S. fuel demand at the end of the summer travel season.
Pressure also seen amid restart of Russian supply to Hungary and Slovakia through the Druzhba pipeline.
Data showed U.S. crude inventories fell by 2.4 million barrels in the week ended August 22.
However, lending some support to prices, Russia and Ukraine have stepped up attacks on each other's energy infrastructure
Natural gas
SELL NATURALGAS SEP @ 264 SL 268 TGT 260-256. MCX
Observations
Naturalgas trading range for the day is 245.4-271.2.
Natural gas gained amid a smaller-than-expected storage build and on strong LNG exports.
Flows to US LNG export plants rise to 15.9 bcfd so far in August, up from 15.6 bcfd in July.
Overall gas demand in the Lower 48 is expected to ease from 111.1 bcfd to around 104.3 bcfd by mid-September.
Supply also remains elevated, with output averaging 108.5 bcfd in August, surpassing the record monthly high of 107.8 bcfd in July
