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 5261-5429.
Crude oil dropped as worries about the global spread of the Delta variant coronavirus offset signs of tight supply and improving vaccination rates.
Overall supply will fall short of expected demand despite a decision by OPEC+, to raise production through the rest of the year.
Growth in Chinese oil imports set to fall sharply.
Money managers cut net long U.S. crude futures last week - CFTC.
BUY CRUDEOIL AUG 2021 @ 5000 SL 4920 TGT 5090-5150.MCX
NATURAL GAS
Natural gas trading range for the day is 287-309.2.
Natural gas dropped amid forecasts for less demand next week as high gas prices prompt some power generators to burn more coal and less gas.
Speculators, cut their net long positions last week for a second week in a row.
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 AUG 2021 @ 288.00 SL 281.00 TGT 295.00-298.00.MCX
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