Sell Crude Oil OCT @ 5800 SL 5880 TGT 5720-5640. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL OCT @ 5800 SL 5880 TGT 5720-5640. MCX
Observations
Crudeoil trading range for the day is 5666-5836.
Crude oil edged down as some investors took profits in anticipation of slower winter demand.
Price pressure also came from bearish expectations on supply fundamentals, with more oil expected soon from Iraq.
IEA raises 2025 oil supply forecast after OPEC+ output hike decision U.S. net imports of crude oil fell 3.1 million barrels per day to 415,000 bpd last week.
NATURALGAS
SELL NATURALGAS OCT @ 286 SL 291 TGT 280-276. MCX
Observations
Naturalgas trading range for the day is 272.8-295.6.
Natural gas climbed on forecasts for more demand over the next two weeks than previously expected.
Average production so far in September slipped to 107.4 bcfd, down from August’s record 108.3 bcfd.
Energy firms in US injected 75 billion cubic feed of natural gas into storage.
The build lifted natural gas storage to 3,508 bcf, 0.6% above the amount from one year ago and 6.1% above the current five-year average.
