Buy Crude oil Aug 2023 @ 6460 SL 6360 TGT 6580-6650. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6370-6620
Crudeoil rose amid signs of tight supplies and China stimulus optimism.
Oil market remains supported by output cuts from OPEC+, with the group signaling readiness to take additional measures if needed.
Speculators raise U.S. crude oil net longs – CFTC
China to step up policy adjustments amid tortuous recovery
BUY CRUDEOIL Aug 2023 @ 6460 SL 6360 TGT 6580-6650. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 216.6-231.4
Natural gas climbed on a drop in daily output
That price increase occurred despite forecasts for less demand over the next two weeks than previously expected.
US natgas rig count fell 2 at 131 – Baker Hughes
Average gas output in the U.S. Lower 48 states rose to 101.5 billion cubic feet per day (bcfd) so far in July
BUY NAT GAS Aug 2023 @ 220 SL 215 TGT 226-230. NCDEX
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