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Sell Crudeoil Oct @ 6050 SL 6150 TGT 5950-5850. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5855-6133.
Crude oil jumped on news of monetary stimulus from China and concerns in the Middle East could hit supply.
US refineries are planning their lightest maintenance in three years, likely boosting oil demand in the coming months.
A slowdown in Chinese demand as the main driver of weaker global demand growth.
IEA has cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2%, to 900,000 bpd
SELL CRUDEOIL OCT @ 6050 SL 6150 TGT 5950-5850. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 227-246.2.
Natural gas slid on forecasts for less demand over the next two weeks than previously expected.
Some firms, like Shell, started restoring oil and gas production as the forecasted storm movements shifted away.
Gas output in the Lower 48 U.S. states slid to an average of 102.0 (bcfd) so far in September, down from 103.2 bcfd in August.
Gas flows to the seven big U.S. LNG export plants have eased to an average of 12.8 bcfd so far in September, down from 12.9 bcfd in August
SELL NATURALGAS SEP @ 237 SL 242 TGT 232-228. MCX
