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Crudeoil

SELL CRUDEOIL OCT @ 5550 SL 5620 TGT 5470-5420. MCX

Observations

Crudeoil trading range for the day is 5407-5633.

Crude oil prices dipped as concerns over Russia and the Middle East were countered by oversupply jitters.

Iraq, has increased oil exports under an OPEC+ agreement.

Kuwait's oil production capacity reaches 3.2 million barrels a day

Money managers switched to net long U.S. crude futures and options positions – CFTC

Naturalgas

BUY NATURALGAS SEP @ 248 SL 244 TGT 253-258. MCX

Observations

Naturalgas trading range for the day is 240.9-264.7.

Natural gas fell due to ample amounts of gas in storage after a larger-than-expected injection last week.

Meteorologists forecast the weather will remain warmer than normal through at least October 4. U.S.

EIA said energy firms injected 90 billion cubic feet (bcf) of gas into storage.

Average gas demand in the Lower 48 states, jumped from 101.1 bcfd last week to 104.2 bcfd.