Crudeoil trading range for the day is 6190-6380 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6190-6380
Crude oil gains amidst fears of lower supplies from Russia
Investors also assessed chances of further stimulus from China
Russia may consider introducing quotas on the export of oil products in a bid to stabilize global gasoline prices.
Moscow aims to reduce its third-quarter crude export plans by 2.1 million tons.
SELL CRUDEOIL Aug 2023 @ 6320 SL 6400 TGT 6220-6160. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 215.8-231.6
Natural gas eased on forecasts for less demand next week than previously expected
That price decline came despite a drop in daily output and forecasts for hotter-than-normal weather.
EIA report showed U.S. utilities added 41 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. 5.
SELL NAT GAS Jul 2023 @ 225 SL 230 TGT 220-215. NCDEX
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