Sell Natural Gas Oct @ 285 SL 290 TGT 280-275. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL NOV @ 5450 SL 5550 TGT 5350-5250. MCX
Observations
Crudeoil trading range for the day is 5332-5558.
Crude oil pared gains on profit booking after prices rallied as fresh US sanctions on major Russian producers.
Washington blacklisted state-run oil giants Rosneft and Lukoil to pressure Moscow over the war in Ukraine.
EU countries have approved a 19th package of sanctions against Russia that includes a ban on imports of Russian LNG.
IEA raised its forecast for global oil supply growth this year following the decision by the OPEC+ group to hike production
NATURALGAS
SELL NATURALGAS OCT @ 285 SL 290 TGT 280-275. MCX
Observations
Naturalgas trading range for the day is 272.7-298.7.
Natural gas eased on an output increase in recent days and ample amounts of fuel in storage.
Record output earlier this year allowed energy companies to inject more gas into storage than usual.
There is currently about 5% more gas in storage than normal for this time of year.
Forecasts for more demand over the next two weeks and near-record flows of gas to LNG export plants limited the downside.
