Crudeoil trading range for the day is 6430 - 6950 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6430-6950
Crude oil up gains Saudi Arabia extends cuts.
Saudi will extend the voluntary cut of 1 mln b/d through September
Russia’s Deputy PM Novak: Oil export cut at 300,000 bpd.
ANZ maintains its $100/bbl end-of-year oil price target and claims that any increase over this seems unlikely to occur before 2024.
BUY CRUDEOIL Aug 2023 @ 6700 SL 6620 TGT 6780-6850. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 202.2-220.6
Natural gas rose on forecasts for lower output
That price increase came despite a decline in the amount of gas flowing to LNG export plants
The U.S. EIA said utilities added 14 billion cubic feet (bcf) of gas into storage Average gas output in the
U.S. Lower 48 states slid to 101.6 bcfd so far in August, down from 101.8 bcfd in June.
BUY NAT GAS Aug 2023 @ 208 SL 203 TGT 214-220. NCDEX
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