Sell Crudeoil SEP @ 5640 SL 5720 TGT 5560-5480. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL SEP @ 5640 SL 5720 TGT 5560-5480. MCX
Observations
Crudeoil trading range for the day is 5517-5729.
Crude oil prices dropped as persistent oversupply and soft fuel demand in the U.S. weighed on the market.
US Fed cuts rates, signals further reductions amid economic concerns
Kuwait expects increased oil demand post-rate cut, especially from Asia
US oil stockpiles fall, but distillate rise pressures prices
Naturalgas
SELL NATURALGAS SEP @ 262 SL 267 TGT 257-252. MCX
Observations
Naturalgas trading range for the day is 248.4-279.2.
Natural gas fell after report energy firms added more gas to storage than expected last week.
Energy firms in the US injected 90 bcf of gas into storage during the week ended September 12.
Mild weather curbed both heating and cooling demand, allowing for higher injections.
LNG exports softened, with flows to the eight major US export plants averaging 15.7 bcfd so far in September.
