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Crudeoil trading range for the day is 6420-6690 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6420-6690
Crude oil gains amid prospect of tighter global supply.
Support also seen due to voluntary output cuts by Saudi Arabia and Russia, as well as indications from OPEC+ of its willingness to take further action.
Crude inventories fell by 600,000 barrels in the last week to 456.8 million barrels
U.S. gasoline stocks fell by 786,000 barrels in the week to 217.6 million barrels, the EIA said.
SELL CRUDEOIL Aug 2023 @ 6550 SL 6650 TGT 6450-6350. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 204.1-225.5
Natural gas dropped on forecasts for less demand and less hot weather.
US natural gas stocks rise less than expected: EIA
US utilities added 16 billion cubic feet of natural gas into storage d
Average gas output in the U.S. Lower 48 states rose to 101.5 bcfd so far in July, up from 101.0 bcfd in June
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