Sell Natural Gas OCT @ 300 SL ABOVE 305 TGT 292. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL NOV @ 9200 SL BELOW 9000 TGT 9500. MCX
Observations
Crude Oil trading range for the day is 8950-9650.
Crude oil gains on uncertainty over Middle East supplies and a larger-than-expected draw from US crude stockpiles.
Supply concerns also increased as attacks around the Strait of Hormuz surged over the past 10 days.
US crude inventories fell by 8.557 mbls, most since February and well above market expectations for a 0.3 mbl draw.
IEA members pledged to release the remaining 100 million barrels from an emergency intervention launched in March.
NATURALGAS
SELL NATURALGAS OCT @ 300 SL ABOVE 305 TGT 292. MCX
Observations
Natural Gas trading range for the day is 283.50-315.00.
Natural gas fell on continued mild weather, forecasts for less demand, and small increase in output in recent days.
Output eased from August-September records after storm-related shut-ins and pipeline disruptions
Golden Pass feedgas hit a record 0.7 bcfd; Sabine Pass reached four-month high
European and Asian benchmarks climbed near $29 per mmBtu
