Sell Crude Oil Aug 2021 @ 5440 SL 5550 TGT 5320-5260.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4700-5480.
Crude oil dropped after OPEC+ agreed on an output hike starting from next August, and amid renewed oversupply concerns, especially after the US oil production accelerated.
OPEC+ agrees to boost oil supply, putting an end to standoff.
Iraq, Kuwait, and the United Arab Emirates will have higher OPEC+ baselines.
From May 2022, the UAE's new OPEC+ baseline will be set at 3.5 million barrels per day.
SELL CRUDEOIL AUG 2021 @ 5440 SL 5550 TGT 5320-5260.MCX
NATURAL GAS
Natural gas trading range for the day is 271.4-288.4.
Natural gas jumped on soaring global gas prices and forecasts for more air conditioning demand next week than previously expected.
The U.S. price increase occurred despite forecasts for a little less hot weather and lower air conditioning demand this week than previously expected.
Speculators, meanwhile, cut their net long futures and options positions for the first time in seven weeks as buyers cashed in some of their gains.
Data provider Refinitiv said U.S. output in the Lower 48 states has slipped to 91.5 billion cubic feet per day (bcfd) so far in July.
SELL NAT GAS JUL 2021 @ 270.00 SL 275.00 TGT 264.00-260.00.MCX
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