Naturalgas trading range for the day is 204.4-221.8 - Kedia Advisory
Crude Oil
Observations
Crudeoil trading range for the day is 7085-7425.
Crude oil rose due to Saudi and Russian supply concerns and a stronger dollar.
Global economic uncertainties continued to weigh on the demand outlook amid soft manufacturing and services data in major economies.
U.S. crude by rail shipments fell by 23,000 bpd in June – EIA
U.S. crude oil and gasoline stockpiles were expected to have dropped last week while distillate stockpiles were seen rising.
BUY CRUDEOIL SEP @ 7250 SL 7150 TGT 7350-7450. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 204.4-221.8.
Natural gas slid on forecasts for the weather to become less hot over the next two weeks.
Limiting those losses, however, were forecasts for more gas demand over the next two weeks than previously expected
On a daily basis, however, output was on track to fall about 2.7 bcfd to a preliminary five-month low of 99.6 bcfd on Wednesday.
Even though the weather in the lower 48 U.S. states will be less hot than previously expected over the next two weeks
BUY NATURALGAS SEP @ 208 SL 204 TGT 213-218. MCX
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