Buy Natural Gas AUG @ 208 SL 204 TGT 214-218. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6585-6707.
Crude oil decline amid demand concerns and rate hike worries.
Weak economic data from China and fears of the Fed keeping rates higher for longer abetted the bearish sentiment
U.S. oil output is expected to fall to 9.41 million barrels per day (bpd) in September, EIA data showed.
Speculator group cut its combined futures and options position in New York and London by 28,752 contracts to 149,939.
SELL CRUDEOIL SEP @ 6720 SL 6820 TGT 6600-6520. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 207-221.8.
Natural gas eased gas flowing to LNG export plants remains low.
Pressure also seen as a tropical storm reduces power demand in Texas.
That price decline came despite forecasts for gas demand to rise more than previously expected next week
Meteorologists forecast that hotter-than-usual weather will persist through early September.
BUY NATURALGAS AUG @ 208 SL 204 TGT 214-218. MCX
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