Buy Natural Gas AUG @ 205 SL 200 TGT 212-216. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6369-6631.
Crude oil dropped as investors balance the supply and demand dynamics in market.
Iran’s oil minister said the country’s oil output will reach 3.4 million barrels per day by the end of September despite US sanctions
US crude inventories fell by 6.1 million barrels last week, much larger than forecasts for a 2.8 million barrel drop.
Gasoline stockpiles climbed 1.5 million barrels last week, as against forecast for a 888,000 barrel drop.
SELL CRUDEOIL SEP @ 6600 SL 6700 TGT 6500-6420. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 196.2-218.6.
Natural gas gains after report showing a much smaller-than-expected storage build
EIA said utilities added just 18 billion cubic feet (bcf) of gas into storage during the week ended Aug. 18.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states had eased to 101.6 billion cubic feet per day (bcfd) so far in August
Meteorologists forecast the weather in the Lower 48 states will remain mostly hotter than normal through at least Sept.
BUY NATURALGAS AUG @ 205 SL 200 TGT 212-216. MCX
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