Sell Crude oil Aug 2022 @ 7250 SL 7400 TGT 7000-6850.MCX - Kedia Advisory
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CRUDEOIL
* Crude oil trading range for the day is 6805-7365.
* Crude oil gained as some support comes from relatively tight supplies as indicated by lingering backwardation
* U.S. crude oil in the SPR dropped 4.7 million barrels last week to 469.9 million barrels, its lowest since May 1985
* The EIA said U.S. crude imports rose about 1.2 million barrels per day (bpd) in the latest week to 7.3 million bpd, the highest since July 2020.
* U.S. shale producer EOG sticks to 4% annual output growth
SELL CRUDEOIL AUG 2022 @ 7250 SL 7400 TGT 7000-6850.MCX
NATURAL GAS
* Natural gas trading range for the day is 613.2-670.4.
* Natural gas eased with output holding near record highs and forecasts for less hot weather and lower demand over the next two weeks than previously expected.
* Also weighing on prices was the ongoing outage at the Freeport LNG plant, which has left more gas in the US for utilities to rebuild extremely low stockpiles
* EIA reported a 41 Bcf injection into U.S. natural gas storage for the week ended July 29
* Average gas output in the U.S. Lower 48 states rose to 97.8 bcfd so far in August from a record 96.7 bcfd in July.
BUY NAT GAS AUG 2022 @ 630.00 SL 610.00 TGT 660.00-680.00.MCX
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