Buy Crude Oil Sep 2021 @ 4670 SL 4620 TGT 4740-4780.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4944-5128.
Crude oil rose prices after U.S. government data showed that fuel demand has climbed to its highest since the start of the COVID-19 pandemic.
Crude inventories fell by 3 million barrels in the last week to 432.6 million barrels
U.S. oil product supplied hits highest since March 2020 – EIA
Stocks of crude oil in the United States fell by 1.622 million barrels marking the fifth straight weekly decline, data from API showed.
BUY CRUDEOIL SEP 2021 @ 4670 SL 4620 TGT 4740-4780.MCX
NATURAL GAS
Natural gas trading range for the day is 281.3-299.9.
Natural gas rose on forecasts for hot weather and high air conditioning demand to continue into early September.
Last week, gas speculators boosted their short positions in natural gas futures and options on NYMEX to the highest since June 2020.
Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 92.1 bcfd so far in August from 91.6 bcfd in July.
U.S. pipeline exports to Mexico have slipped to an average of 6.1 bcfd so far in August from 6.6 bcfd in July and a record 6.7 bcfd in June.
BUY NAT GAS AUG 2021 @ 282.00 SL 277.00 TGT 289.00-294.00.MCX
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