Nat Gas Aug 2022 @ 660.00 Sl 640.00 Tgt 695.00-710.00.MCX - Kedia Advisory
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CRUDEOIL
* Crude oil trading range for the day is 7155-7737.
* Crude oil rises as IEA hikes 2022 demand growth forecast
* Switch from gas boosts oil demand but economic headwinds loom – IEA
* A rise in U.S. oil inventories last week and the resumption of crude flows on a pipeline supplying central Europe capped further price gains
* U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said
SELL CRUDEOIL AUG 2022 @ 7700 SL 7850 TGT 7450-7300.MCX
NATURAL GAS
* Natural gas trading range for the day is 633.7-737.5.
* Natural gas rose with daily output on track to decline for a third day in a row and forecasts for more demand over the next two weeks than previously expected
* Demand from Europe remains strong as the critical Nord Stream 1 pipeline from Russia to Germany is currently running at 20% capacity
* EIA said utilities added 44 billion cubic feet (bcf) of gas to storage during the week ended Aug. 5.
* Gas speculators boosted their net short futures and options positions to the most since March 2020 for a second week in a row
BUY NAT GAS AUG 2022 @ 660.00 SL 640.00 TGT 695.00-710.00.MCX
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