Sell Crude Oil Sep @ 5700 SL 5780 TGT 5600-5520. MCX - Kedia Advisory
Crude oil
SELL CRUDEOIL SEP @ 5700 SL 5780 TGT 5600-5520. MCX
Observations
Crudeoil trading range for the day is 5589-5731.
Crude oil rose as Rupee weakness and Ukraine conflict supported prices.
OPEC+ accelerated output hikes, raising supply outlook and capping upside.
US fuel demand expected lower as summer travel season winds down.
Russian crude flows resumed to Hungary, Slovakia via Druzhba pipeline restart.
Natural gas
BUY NATURALGAS SEP @ 260 SL 255 TGT 265-270. MCX
Observations
Naturalgas trading range for the day is 256-268.8.
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.
