Sell Natural Gas OCT @ 304 SL 308 TGT 298-294. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL OCT @ 5420 SL 5360 TGT 5480-5540. MCX
Observations
Crudeoil trading range for the day is 5358-5502.
Crude oil drops on oversupply fears amid OPEC+ output plans.
Seasonal demand dip, refinery maintenance, and shutdown weigh on sentiment.
IEA projects record oil surplus next year, adding bearish outlook. Iraq resumes Kurdistan crude exports to Turkey after tripartite agreement.
NATURAL GAS
SELL NATURALGAS OCT @ 304 SL 308 TGT 298-294. MCX
Observations
Naturalgas trading range for the day is 290.3-310.9.
Natural gas fell as traders booked profits, after prices rose following a a smaller-than-expected storage build.
The U.S. Energy Information Administration said energy firms added 53 bcf of gas into storage.
Meteorologists forecast the weather will remain mostly warmer than normal through at least October 16.
LSEG projected average gas demand in the Lower 48 states, would drop from 101.5 bcfd this week to 99.2 bcfd next week
