Crude firm as EIA showed that fuel demand improved
WTI Crude prices dipped over 1.7 percent to close at $40.2 per barrel as surge in U.S. Crude inventory levels clouded the demand outlook for Crude; however, lingering supply worries limited the fall. As per reports from the Energy Information Administration, U.S. Crude inventory levels rose marginally by 501,000 barrels in the week ending on 2 nd October’20. However, the losses were limited as Hurricane delta rapidly approached
the U.S. Gulf coast forcing the energy companies to shut around 17% of total U.S. crude output in an attempt to avoid any damage. Failed wage talks between the union and the Norwegian Oil and Gas Association (NOG) triggered a strike leading to the closure of Six Norwegian offshore oil and gas fields. More number of workers going on strike over the wage issue risked an output of 330,000 barrels of oil per day alos supported Oil prices.
Suggestion: BUY USOIL FROM 40 SL BELOW 39.40 TGT 40.50/40.90 ELSE SELL BELOW 39.40 TGT 38.80/60 SL ABV 40.20
the U.S. Gulf coast forcing the energy companies to shut around 17% of total U.S. crude output in an attempt to avoid any damage. Failed wage talks between the union and the Norwegian Oil and Gas Association (NOG) triggered a strike leading to the closure of Six Norwegian offshore oil and gas fields. More number of workers going on strike over the wage issue risked an output of 330,000 barrels of oil per day alos supported Oil prices.
Suggestion: BUY USOIL FROM 40 SL BELOW 39.40 TGT 40.50/40.90 ELSE SELL BELOW 39.40 TGT 38.80/60 SL ABV 40.20