Sell Naturalgas SEP @ 274 SL 278 TGT 270-266. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL SEP @ 5680 SL 5740 TGT 5600-5540. MCX
Observations
Crudeoil trading range for the day is 5581-5709. Crude oil prices eased as Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline. U.S. crude oil and gasoline inventories fell last week, while distillate stockpiles rose – EIA Crude stocks fell by 9.3 million barrels to 415.4 million barrels in the week ended September 12, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 296,000 barrels in the week, the EIA said.
Naturalgas
SELL NATURALGAS SEP @ 274 SL 278 TGT 270-266. MCX
Observations
Naturalgas trading range for the day is 265.5-281.3. Natural gas prices dropped amid ample amounts of gas in storage. However downside seen limited on lower daily output in recent days. Production in the Lower 48 averaged 107.4 bcfd in September, down from August’s record 108.3. Gas inventories sit about 6% above average for this time of year, with injections expected to continue.
