Buy Crude Oil Aug 2021 @ 5320 SL 5250 TGT 5400-5460.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5316-5458.
Crude oil rose after data showed U.S. crude inventories fell more sharply than.
EIA reports 4.1 million barrel drop in U.S. crude inventories.
Gasoline and distillate fuel stocks also dropped.
Oil supply set to remain tight despite OPEC+ hike.
BUY CRUDEOIL AUG 2021 @ 5320 SL 5250 TGT 5400-5460.MCX
NATURAL GAS
Natural gas trading range for the day is 281.6-306.6.
Natural gas prices gained on soaring global gas prices that should boost U.S. liquefied natural gas (LNG) prices.
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.
SELL NAT GAS AUG 2021 @ 302.50 SL 308.00 TGT 294.00-291.50.MCX
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