Crudeoil trading range for the day is 6190-6620 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6190-6620
Crude oil rose propelled by the promising outlook of tighter global supply and a surge in Chinese demand.
UAE Energy Minister expressed confidence in the efforts of OPEC+ to support the oil market, assuring that current actions are adequate.
Kazakh oil output remains depressed after blackout
China, amid a faltering post-pandemic recovery, is anticipated to introduce targeted stimulus measures to bolster its economic rebound.
BUY CRUDEOIL Aug 2023 @ 6400 SL 6320 TGT 6480-6540. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 213.4-229.8
Natural gas eased on rising output and forecasts for less demand next
The latest EIA report showed U.S. utilities added 41 billion cubic feet (bcf) of gas into storage last week
Gas flow to US LNG export plants remains below the April record level of 14.0 bcfd due to ongoing maintenance at several facilities
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 8.
BUY NAT GAS Jul 2023 @ 215 SL 210 TGT 222-228. NCDEX
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