Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
* Crude oil trading range for the day is 3808-4008.
* Crude oil prices pared gains after OPEC issued a bearish outlook for the oil market this year and forecast a surplus in 2020.
* OPEC lowers 2019 global demand forecast to 1.1mbpd from 1.14mbpd, adds that oil market fundamentals seems somewhat bearish for the rest of 2019
* A Saudi official indicated more steps may be coming, saying: "Saudi Arabia is committed to do whatever it takes to keep the market balanced next year".
* Crude inventories rose by 1.6 million barrels in the week to Aug. 9, compared with expectations for a decrease of 2.8 million barrels.
* SELL CRUDEOIL AUG 2019 @ 3970 SL 4000 TGT 3920-3880.MCX
* Natural gas trading range for the day is 151.2-161.2.
* Natural gas gained on a much smaller-than-expected weekly storage build and forecasts for hotter weather and higher cooling demand next week.
* However, upside seen limited on forecasts for less hot weather and lower cooling demand over the next two weeks than previously expected.
* Demand will slide to 87.7 bcfd during the week before the U.S. Labor Day holiday as the summer comes to an end
* The number of rigs drilling for natural gas in the United States fell by 4 this week to 165, data from oil services firm Baker Hughes showed
* BUY NAT GAS AUG 2019 @ 156.00 SL 153.00 TGT 160.00-162.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer