Buy Crudeoil Aug 2023 @ 6680 SL 6600 TGT 6780-6850. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6600-6800
Crudeoil gains as tighter global supply continued to lift prices.
Goldman upgrades oil demand outlook as market tempers growth pessimism
Global oil demand expected to grow by 1–2.1 mln bpd in 2023
U.S. crude – by – rail shipments fell by 17,000 bpd in May – EIA
BUY CRUDEOIL Aug 2023 @ 6680 SL 6600 TGT 6780-6850. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 202.9-225.5
Natural gas fell on forecasts for less demand over the next two weeks than previously expected.
The price decline came despite a preliminary drop in daily output and forecasts for hotter than normal weather.
Average gas output in the Lower 48 states rose to 101.7 bcfd in July, up from 101.0 bcfd in June
Meteorologists forecast the weather in the Lower 48 states will remain mostly hotter than normal through at least Aug. 16.
BUY NAT GAS Aug 2023 @ 208 SL 203 TGT 214-218. NCDEX
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