Buy Naturalgas SEP @ 252 SL 248 TGT 256-260. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL SEP @ 5500 SL 5440 TGT 5580-5640. MCX
Observations
Crudeoil trading range for the day is 5482-5640.
Crude oil falls as demand worries outweigh boost from Fed’s first rate cut of year.
Trump said he preferred cheaper oil over additional sanctions to pressure Russia to end the war in Ukraine.
U.S. net imports of crude oil fell 3.1 mbpd to 415,000 bpd last week, the lowest in records going back to 2001.
Government data showed a sharp draw in US crude inventories last week, driven by strong exports.
Naturalgas
BUY NATURALGAS SEP @ 252 SL 248 TGT 256-260. MCX
Observations
Naturalgas trading range for the day is 247.9-263.5.
Natural gas slid on ample amounts of gas in storage and forecasts for milder weather.
U.S. natural gas output and demand will both rise to record highs in 2025 before sliding in 2026.
EIA projected that dry gas production will rise from 103.2 bcfd in 2024 to 106.6 bcfd in 2025 before sliding to 106.0 bcfd in 2026.
Average gas output in the Lower 48 states fell to 107.4 billion cubic feet per day so far in September
