Sell Natural Gas SEP @ 282 SL 286 TGT 278-274. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 10250 SL 10400 TGT 10050-9900. MCX
Observations
Crudeoil trading range for the day is 9496-10594.
Crude oil rose amid fears of a tightening oil market after Saudi Arabia closed a critical pipeline.
Adding to concerns over global supplies, a highly anticipated meeting in Oman between Iran and Gulf States was postponed.
Iran claimed that a supertanker caught fire after striking naval mines while attempting to pass through a restricted area.
U.S. domestic crude oil production rose about 85,000 barrels per day to a record high of 13.95 million bpd.
NATURALGAS
SELL NATURALGAS SEP @ 282 SL 286 TGT 278-274. MCX
Observations
Naturalgas trading range for the day is 272.9-287.1.
Natural gas edged up on a drop in daily output and forecasts for the weather to remain warmer than normal.
Daily US Lower 48 gas output heads for two-month low of 108.4 bcfd Storage surplus likely narrowed to 3.6% above five-year norm before Thursday's EIA report
Hot weather through end of September should keep air-conditioning gas burn elevated
