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Sell Crudeoil Oct @ 6520 SL 6620 TGT 6420-6320. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 6134-6666.
Crude oil prices rose as investors feared a wider Middle East conflict could disrupt crude flows.
On the demand side, signs of a strong US economy have supported expectations for fuel demand.
Libya’s oil production has resumed across all oilfields and export terminals, reinforcing the case for ample supply.
Supply concerns were alleviated by OPEC's spare production capacity and the continued stability of global crude supplies.
SELL CRUDEOIL OCT @ 6520 SL 6620 TGT 6420-6320. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 221.3-243.5.
Natural gas dropped on weaker demand outlook even utilities added a smaller-than-normal amount.
The outlook for tropical storms to move away from the Gulf of Mexico, easing concern about a disruption.
The number of rigs drilling for natural gas in US rose by 3 this week to 102.
Gas output in the Lower 48 U.S. states has fallen to an average of 101.0 bcfd so far in October
BUY NATURALGAS OCT @ 227 SL 223 TGT 232-236. MCX
