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Crudeoil trading range for the day is 5509-5999 - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5509-5999.
Crude oil prices fell weighed down persisting concerns about the outlook for oil demand.
OPEC+ postponed its planned production increase of 180,000 barrels per day until December
US crude stocks fell by 6.9 million barrels, marking the ninth consecutive decline in oil stocks over last ten months.
Libyan oil exports remained largely halted, but some tankers were being allowed to load crude.
SELL CRUDEOIL SEP @ 5750 SL 5850 TGT 5650-5570. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 185.5-196.1.
Natural gas settled flat amid forecasts for less hot weather over the next two weeks.
There was still about 10% more gas in storage than normal for this time of year.
Gas output in the Lower 48 U.S. states slid to an average of 102.2 bcfd so far in September
Average gas demand in the Lower 48, will fall from 102.5 bcfd this week to 100.5 bcfd for the next two weeks.
SELL NATURALGAS SEP @ 193 SL 197 TGT 188-184. MCX
