Crude Oil may open on positive path as weekly inventory data to give further direction to the prices. Overall it can move in range of 2930-3000 in MCX. Oil prices climbed on Wednesday, supported by a reported draw in U.S. crude inventories and by firm import data from Japan. Japan's customs-cleared crude oil imports rose 0.5 percent in August from the same month a year earlier, the Ministry of Finance said on Wednesday.
Natural gas may extend yesterday gains as it can test 210 in MCX on warm weather. Natural gas futures are surging nearly 3 percent to break through $3, a level not seen since May 21, 2015, in anticipation of a hot summer and strong demand. But prices have come off since early May, trending under $3 for most of the summer, as demand was within seasonal expectations. Temperatures may be mostly above normal in much of the eastern U.S. from Sept. 30 through Oct. 4, according to MDA Weather Services.
Courtesy: Smc Comtrade