Sell Natural Gas Sep @ 272 SL 277 TGT 266-262. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 5660 SL 5740 TGT 5560-5480. MCX
Observations
Crudeoil trading range for the day is 5522-5840.
Crude oil falls before OPEC+ meet on possible October output hike.
OPEC+ agreed to raise output by 2.2 million bpd.
UAE granted additional 300,000 bpd production quota increase recently.
Weak US ISM manufacturing PMI dimmed near-term fuel demand outlook.
NATURALGAS
SELL NATURALGAS SEP @ 272 SL 277 TGT 266-262. MCX
Observations
Naturalgas trading range for the day is 254.3-283.5.
Natural gas climbed on a recent drop in daily output.
That price increase came despite ample supplies of gas in storage, a small decline in flows to LNG export plants.
Average gas output in the Lower 48 states fell to 107.4 billion cubic feet per day so far in September.
Record output so far this year has allowed energy companies to inject more gas into storage than usual so far.
