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Buy Crudoil SEP @ 7150 SL 7050 TGT 7250-7350. MCX - Kedia Advisory
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Crude Oil
Crudeoil trading range for the day is 6945-7437.
Crude oil spikes as Saudi extends 1M bpd cut for 3 more months till Dec.
Saudi Arabia added that the cut decision which has gone into implementation in July and was extended to include August and September
Russia also extended its voluntary reduction in oil exports by 300,000 bpd until the end of the year.
However, concerns about the health of the Chinese economy continue after disappointed services PMI.
BUY CRUDEOIL SEP @ 7150 SL 7050 TGT 7250-7350. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 210.1-225.1.
Natural gas dropped as investors anticipate lower demand in the upcoming weeks.
Seasonally cooler weather is reducing air-conditioning use and gas consumption in the short term
Reduced operations at US LNG export facilities, have contributed to lower gas flow for LNG exports
On the supply side, natural gas production has slightly decreased in August compared to previous months.
BUY NATURALGAS SEP @ 213 SL 208 TGT 218-222. MCX
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