Sell Crudeoil Oct @ 6000 SL 6100 TGT 5900-5820. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5792-6082.
Crude oil gains as markets assessed potential supply disruptions amid rising tensions in the Middle East.
Saudi Arabia's crude oil exports in July fell to their lowest level in nearly a year
OPEC+ oil producers agreed to delay a planned production increase for October and November
Chinese oil demand may rebound by 300,000bpd year-on-year in the fourth quarter on improved independent refinery runs - Citi
SELL CRUDEOIL OCT @ 6000 SL 6100 TGT 5900-5820. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 182.3-203.7.
Natural gas gains on warmer-than-normal weather forecasts that could boost cooling demand
US utilities added 58 billion cubic feet of gas into storage during the week
The report showed storage levels were 8.6% above the five-year average, reflecting an ongoing supply surplus.
Looking ahead, producers are expected to cut output further in late 2024 following a 40% price drop over the past two months.
BUY NATURALGAS SEP @ 192 SL 188 TGT 196-200. MCX
