Buy Natural gas Aug 2022 @ 630.00 SL 615.00 TGT 665.00-685.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7500-8076.
Crude oil dropped on concerns that a deep economic recession in the US will undercut fuel demand.
U.S. optimistic about next OPEC+ meet - administration official
OPEC+ to weigh holding oil output steady or small hike, sources say
EIA data showed that US crude stockpiles fell by 4.52 million barrels last week, while exports rose to a record 4.55 million barrels a day.
SELL CRUDEOIL AUG 2022 @ 7900 SL 8050 TGT 7600-7450.MCX
NATURAL GAS
Natural gas trading range for the day is 608.8-728.2.
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
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