Sell Crudeoil SEP @ 6800 SL 6900 TGT 6700-6600. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6575-6847.
Crude oil dropped weighed down by concerns about the outlook for energy demand US oil output from top shale regions set to fall in September – EIA
U.S. crude oil and gasoline inventories fell last week, while distillate stockpiles rose.
Money managers cut their net long U.S. crude futures and options positions – CFTC
SELL CRUDEOIL SEP @ 6800 SL 6900 TGT 6700-6600. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 211.6-224.8.
Natural gas gained on forecasts for the weather to remain hotter than normal
That price increase occurred despite forecasts for less demand over the next two weeks than previously expected.
US NHC projected a tropical cyclone could form in the Gulf of Mexico this week and hit the South Texas coast in a few days Meteorologists forecast the weather in the Lower 48 states will remain mostly hotter than normal through at least Sept. 5.
BUY NATURALGAS AUG @ 208 SL 204 TGT 214-218. MCX
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