IGI Logo

CRUDE OIL

Observations

Crudeoil trading range for the day is 6016-6524.
Crude oil weakened pressured by concerns about demand and the prospect of bigger supply.
OPEC+ is set to proceed with a planned oil output hike from October
Libyan output disruptions limited the decline
Iraq plans to reduce its oil output to between 3.85 million and 3.9 million bpd next month.

SELL CRUDEOIL SEP @ 6250 SL 6350 TGT 6150-6050. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 173.3-185.5.
Natural gas prices fell amid forecasts for slightly less heat over the next two weeks than previously expected.
US utilities added 35 billion cubic feet of gas into storage during the week that ended August 23, 2024
Last week's increase raised stockpiles to 3,334 Bcf. 228 Bcf higher than last year at this time and 361 Bcf above the five-year average of 2.973 Bcf.
Gas output in the Lower 48 U.S. states has slid to an average of 102.4 bcfd so far in August.
BUY NATURALGAS SEP @ 176 SL 172 TGT 180-184.MCX