Sell Crude Oil Aug 2021 @ 5340 SL 5420 TGT 5260-5220.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5039-5449.
Crude oil prices dropped as investors continue to worry over the impact of the spread of the coronavirus delta variant especially in the US and China.
OPEC July output rises 610,000 bpd from June.
Compliance with OPEC+ cut pledges slips to 115%.
Money managers raised their net long U.S. crude futures and options positions in the week to July 27, the U.S. CFTC said.
SELL CRUDEOIL AUG 2021 @ 5340 SL 5420 TGT 5260-5220.MCX
NATURAL GAS
Natural gas trading range for the day is 287.5-307.3.
Natural gas gained as forecasts continued to signal hotter weather over the coming weeks than previously expected.
EIA forecast utilities added 36 billion cubic feet (bcf) of gas into storage during the week ended July 23.
U.S. natural gas prices in 2021 at the Henry Hub benchmark in Louisiana will likely rise to their highest since 2018.
U.S. pipeline exports to Mexico have averaged 6.6 bcfd so far in July, down from a record 6.8 bcfd in June.
SELL NAT GAS AUG 2021 @ 298.00 SL 304.00 TGT 292.00-288.50.MCX
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