Sell Crude Oil Aug 2023 @ 6250 SL 6350 TGT 6150-6050 MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6070-6330
Crude oil gains amidst decline in inventories and declining supplies from Russia.
U.S. crude inventories fell last week, supported by a jump in crude exports as well as higher refinery utilization.
Crude inventories fell by 708,000 barrels in the last week to 457.4 million barrels.
China's June imports of Russian crude jump to record 2.56 mln bpd
SELL CRUDEOIL Aug 2023 @ 6250 SL 6350 TGT 6150-6050. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 206.9-244.1
Natural gas climbed on a daily drop in output
Support also seen amid forecasts for higher demand next week than previously expected and hotter-than-normal weather through early August
The latest EIA report showed U.S. utilities added 41 billion cubic feet (bcf) of gas into storage last week
Meteorologists forecast the weather in the Lower 48 states would remain hotter-than-normal through at least Aug. 4.
SELL NAT GAS Jul 2023 @ 228 SL 234 TGT 222-218. NCDEX
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