SELL CRUDEOIL OCT @ 5620 SL 5700 TGT 5520-5420. MCX-Kedia Advisor
CRUDE OIL
SELL CRUDEOIL OCT @ 5620 SL 5700 TGT 5520-5420. MCX
Observations
Crudeoil trading range for the day is 5483-5641.
Crude oil gained helped by a smaller than expected output hike from producer group OPEC+ next month.
EIA said crude oil inventories grew by 3.7 million barrels last week after rising by 1.8 million barrels in the previous week.
Russia has been gradually increasing its oil output, Deputy PM Novak says
U.S. oil production is likely to set a larger record this year than previously expected, the EIA said.
NATURALGAS
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BUY NATURALGAS OCT @ 292 SL 286 TGT 300-306. MCX
Observations
Naturalgas trading range for the day is 282.2-322.4.
Natural gas prices dropped amid a smaller than previously forecast drop in output and ample supplies of gas in storage.
That price decline came despite forecasts for cooler weather that should boost demand for heating over the next two weeks.
Pressure also seen after European natural gas fell as ample inventories offset rising demand expectations.
Storage levels across the EU remain healthy at 82.9% of capacity, with Italy at 93%, France at 92.5%, and Germany at 76.2%.
