IGI Logo

CRUDEOIL

Observation

Crudeoil trading range for the day is 5758-6142.

Crude oil prices fell after an industry report showed increasing U.S. crude and fuel inventories

Crude oil inventories in the US fell by 1.630 million barrels in the week ended September 13, 2024.

Crude stocks at the Cushing, Oklahoma, delivery hub went down by 1.979 million barrels, following a 1.704 million barrel fall.

Gasoline stocks increased by 0.069 million, below forecasts of a 0.61 million rise.

SELL CRUDEOIL SEP @ 5950 SL 6050 TGT 5850-5750. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 190.2-207.4.

Natural gas fell as Gulf of Mexico producers slowly ramp up production after Hurricane Francine

About 10% of natural gas output in the U.S. Gulf of Mexico was offline in the aftermath of Francine, the U.S. BSEE said.

The U.S. EIA said utilities added 40 billion cubic feet (bcf) of gas into storage.

Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024.

SELL NATURALGAS SEP @ 196 SL 200 TGT 192-188. MCX