Crude Oil and Natural gas - Intraday tips

Natural gas future rallied on Thursday after EIA announced a storage build of 35 Bcf, smaller than expected build in inventories.

Looking at the weather report for coming week, a cooler weather is expected with showers and thunderstorm across US so overall demand is to remain moderate to high.

Based on the technical chart and positive fundamentals, we saw traders acting bullish with NG closing at 194 on MCX.

Currently the market is slightly tricky and despite lower than expected inventories, there has been a resistance. Traders are currently playing on the weather report which is would impact the demand directly.

I would suggest to be cautious of this market and enter the market carefully. For Intraday traders, I would suggest a long position.

Natural gas trading

Buy NG at 194 with target of 196 and SL of 193

Crude Oil

With increased inventories and increase in production from Kuwait, Saudi and UAE, it is expected that supply would not be disrupted. Global prices will be impacted with will definitely see a downtrend but same cannot be said about MCX. MCX Crude Oil is expected to see a bullish trend due to strong dollar index.

For Intraday to buy Crude Oil at 4745 with a target of 4780 and SL of 4720

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