Naturalgas trading range for the day is 211.4 - 224.8 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6540-6800
Crude oil gained amid signs of tightening global supply.
Markets fretted about voluntary output cuts by Saudi Arabia and Russia that are squeezing the market.
Riyadh expected to extend voluntary cuts to Sep
Oil demand rose to a record 102.8 million bpd in July
SELL CRUDEOIL Aug 2023 @ 6740 SL 6840 TGT 6640-6540. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 211.4-224.8
Natural gas gained on forecasts for more demand over the next two weeks.
The U.S. EIA, which uses a different data set, has said the 2022 record was set on July 21.
Average gas output in the Lower 48 states rose to 101.5 bcfd so far in July, up from 101.0 bcfd in June.
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 12.
BUY NAT GAS Aug 2023 @ 212 SL 207 TGT 218-222. NCDEX
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