Buy Crude Oil Sep 2021 @ 5020 SL 4940 TGT 5100-5140.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4945-5121.
Crude oil dropped as renewed concerns about demand amid rising COVID-19 infections, and as Mexico restored some oil production.
EIA reported that American crude inventories fell last week for a third consecutive week and overall fuel demand increased to the most since March 2020.
Next week, the OPEC will meet on Sept. 1 to decide its policy amid calls from the United States
U.S. oil product supplied hits highest since March 2020 – EIA
BUY CRUDEOIL SEP 2021 @ 5020 SL 4940 TGT 5100-5140.MCX
NATURAL GAS
Natural gas trading range for the day is 283.9-329.3.
Natural gas soared on a much smaller than expected storage build during last week's hot weather.
The U.S. Energy Information Administration (EIA) said utilities added just 29 billion cubic feet (bcf) of gas into storage
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.
SELL NAT GAS SEP 2021 @ 292.00 SL 298.00 TGT 285.00-282.50.MCX
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