Buy Natural Gas Aug 2021 @ 298.00 SL 292.00 TGT 305.00-308.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4913-5345.
Crude oil prices turned lower due to global demand concerns after the OPEC production hike during July.
Rising coronavirus cases in China, U.S. seen curbing oil demand
Expectations of return of Iranian crude add pressure
API shows crude stocks down, gasoline inventories fall
SELL CRUDEOIL AUG 2021 @ 5280 SL 5350 TGT 5190-5140.MCX
NATURAL GAS
Natural gas trading range for the day is 296.1-319.1.
Natural gas climbed on forecasts for hotter weather over the next two weeks than earlier expected.
Support also seen amid soaring global gas prices that should keep U.S. liquefied natural gas (LNG) exports near record highs.
The oil-to-gas ratio, fell to 17-to-1 that is below the 21 times oil has traded over gas so far in 2021.
Data provider Refinitiv said gas output in the U.S. Lower 48 states held at 91.6 billion cubic feet per day (bcfd) so far in August.
BUY NAT GAS AUG 2021 @ 298.00 SL 292.00 TGT 305.00-308.00.MCX
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