IGI Logo

CRUDEOIL

Crude oil trading range for the day is 7449-8285.

Crude oil prices rose as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.

OPEC+ compliance with oil output pledges was at 320% in June

OPEC+ to weigh holding oil output steady or small hike

U.S. crude oil stockpiles fell last week, driven by a surge in exports to an all-time high

SELL CRUDEOIL AUG 2022 @ 7900 SL 8050 TGT 7600-7450.MCX

NATURAL GAS

Natural gas trading range for the day is 619.8-677.

Natural gas eased on forecasts for less hot weather through mid-August than previously expected and an increase in output to near-record highs.

Average gas output in the U.S. Lower 48 states had risen to 96.2 bcfd so far in July from 95.3 bcfd in June

The U.S. Energy Information Administration (EIA) said utilities added just 15 billion cubic feet (bcf) of gas to storage during the week ended July 22.

Refinitiv projected average U.S. gas demand including exports would slide from 99.3 bcfd this week to 97.5 bcfd next week.

BUY NAT GAS AUG 2022 @ 630.00 SL 615.00 TGT 665.00-685.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer