Crudeoil trading range for the day is 6550-7000 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6550-7000
Crudeoil gains after report from EIA projected a rosier outlook for US economy.
Saudi cabinet reaffirms support for OPEC+ precautionary measures to stabilise oil market
China's July crude imports rise 17% year on year
UBS retains positive outlook for oil prices and forecast brent to move to $90/bbl by end-2023
SELL CRUDEOIL Aug 2023 @ 6880 SL 6980 TGT 6780-6680. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 221-237
Natural gas edged higher amid hotter than normal weather
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 23.
Data provider Refinitiv forecast U.S. gas demand, including exports, would rise from 101.8 bcfd this week to 105.2 bcfd next week
Average gas output in the U.S. lower 48 states was 102.1 bcfd so far in August, up from 101.8 bcfd in July.
BUY NAT GAS Aug 2023 @ 225 SL 220 TGT 233-238. NCDEX
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