Buy Crude Oil Aug 2021 @ 5000 SL 4920 TGT 5090-5150.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5308-5408.
Crude oil prices gained underpinned by expectations that supply will remain tight through the year.
Data from Energy Information Administration (EIA) showed that gasoline stockpiles dropped by 100,000 barrels last week.
The EIA report showed a drop in crude stockpiles at the storage hub in Cushing, Oklahoma, to the lowest level in about seven months.
U.S. commercial crude imports last week rose to 7.1 million barrels per day (bpd), their highest since July 2020.
BUY CRUDEOIL AUG 2021 @ 5000 SL 4920 TGT 5090-5150.MCX
NATURAL GAS
Natural gas trading range for the day is 293.4-307.2.
Natural gas rose on forecasts for hotter weather and higher air conditioning demand over the next two weeks than previously expected.
U.S. output in the Lower 48 states slipped to 91.5 billion cubic feet per day (bcfd) so far in July, due mostly to pipeline problems in West Virginia.
U.S. natural gas storage is expected to end the April-October injection season at 3.550 trillion cubic feet (tcf) on Oct. 31, the lowest since 2018.
U.S. pipeline exports to Mexico, meanwhile, have averaged 6.6 bcfd so far in July, down from a record 6.7 bcfd in June.
BUY NAT GAS JUL 2021 @ 288.00 SL 281.00 TGT 295.00-298.00.MCX
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