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Sell Crudeoil SEP @ 6850 SL 6950 TGT 6750-6650. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6529-6835.
Crude oil gains amid signs of tightening global supplies
However, upside capped amid China’s weakening economy and fears of further US interest rate hikes
US refinery crude input rises to highest since Jan 2020 – EIA
Investors remain cautious amid signs of tightness in the market
SELL CRUDEOIL SEP @ 6850 SL 6950 TGT 6750-6650. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 205.1-223.1.
Natural gas fell amid weak demand heading into a seasonally slow season.
Gas prices are drifting back down on some expected temperature moderation as production maintains at a lofty level.
EIA said utilities added 35 bcf of gas into storage during the week ended Aug. 11, filling stockpiles to 3,065 bcf.
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Sept. 2, but, deviations from normal are declining
BUY NATURALGAS AUG @ 210 SL 205 TGT 216-220. MCX
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