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Naturalgas trading range for the day is 213.8-231 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6410-6570
Crude oil dropped amid profit taking and lack of details on China's stimulus
U.S. crude, fuel stockpiles fell last week – EIA
Crude inventories fell by 600,000 barrels in the last week to 456.8 million barrels
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.6 million barrels in the last week, EIA said.
BUY CRUDEOIL Aug 2023 @ 6440 SL 6340 TGT 6540-6640. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 213.8-231
Natural gas slid on forecasts of less demand and less hot weather.
Average gas output in the U.S. Lower 48 states rose to 101.5 billion cubic feet per day (bcfd) so far in July, from 101.0 bcfd in June.
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 10.
US natgas rig count fell 2 at 131 – Baker Hughes
BUY NAT GAS Aug 2023 @ 215 SL 210 TGT 222-228. NCDEX
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