Crudeoil trading range for the day is 6541-6825 - Kedia Advisory
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Crudeoil trading range for the day is 6541-6825.
Crude oil dropped amid concerns over weak Chinese demand
U.S. crude oil inventories fell last week as oil refiners increased run rates and exports surged
US crude output to rise to record 12.76 mln bpd in 2023 - EIA
Crude oil production is expected to rise by 330,000 barrels per day to 13.09 million bpd in 2024, EIA data showed.
SELL CRUDEOIL AUG @ 6750 SL 6850 TGT 6650-6450. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 205.1-235.3.
Natural gas fell on forecasts for lower demand along with high output.
The retreat in prices came despite expectations that a hotter-than-normal weather forecast until end-August, especially in Texas
Average gas output in the Lower 48 states was 101.8 bcfd so far in August, nearly the same as the 101.8 bcfd in July
Meteorologists forecast weather in the Lower 48 states to remain hotter than normal through at least Aug. 29.
BUY NATURALGAS AUG @ 212 SL 207 TGT 218-222. MCX
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