Crudeoil trading range for the day is 6766-7030 - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6766-7030.
Crude oil gained amid optimistic demand forecasts from the OPEC and IEA.
IEA revises down its projection for oil demand growth in 2024.
OPEC indicated an expectation for global oil demand to grow by 2.25 million bpd in 2024
Saudi Arabia and Russia output cuts, as well as Russia-Ukraine tensions have been supporting prices.
SELL CRUDEOIL AUG @ 6980 SL 7080 TGT 6880-6780. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 219.5-240.7.
Natural gas gains amid forecasts for hot weather and higher cooling demand.
EIA reported that utilities added 29 billion cubic feet (bcf) of gas into storage.
Meteorologists forecast the weather in the lower 48 states will remain hotter than normal through at least Aug. 26.
Average gas output in the U.S. lower 48 states was 101.9 bcfd so far in August, nearly the same as the 101.8 bcfd in July
BUY NATURALGAS AUG @ 225 SL 220 TGT 233-238. MCX
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