Buy CrudeOil Aug 2021 @ 5000 SL 4920 TGT 5090-5150.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4898-5282.
Crude oil settled higher, after the Biden administration said it would not ask U.S. oil producers to hike output.
White House: OPEC+ oil output 'not enough', could harm global recovery
Crude oil stockpiles fell modestly last week, while gasoline inventories dipped to their lowest level since November
Libyan oil output down 60,000 – 70,000 bpd on leak
BUY CRUDEOIL AUG 2021 @ 5000 SL 4920 TGT 5090-5150.MCX
NATURAL GAS
Natural gas trading range for the day is 290.4-313.4.
Natural gas eased on forecasts for less hot weather and lower air conditioning demand next week than previously expected.
Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 92.0 bcfd so far in August from 91.6 bcfd in July.
Last week, gas speculators cut their net long futures and options positions for a fourth week in a row for the first time since April
The U.S. EIA said utilities added 13 billion cubic feet (bcf) of gas into storage during the week ended July 30
BUY NAT GAS AUG 2021 @ 288.00 SL 281.00 TGT 295.00-298.00.MCX
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