Sell Crude Oil Jul 2021 @ 5480 SL 5560 TGT 5380-5340.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5277-5489.
Crude oil dropped as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose.
U.S. crude stockpiles fall for eighth week in a row - EIA.
Saudi, UAE reach compromise to unlock more oil supply, says source.
OPEC+ impasse means tight oil market now, volatility ahead, says IEA.
SELL CRUDEOIL JUL 2021 @ 5480 SL 5560 TGT 5380-5340.MCX
NATURAL GAS
Natural gas trading range for the day is 266-277.4.
Natural gas slipped on a bigger-than-expected storage build and forecasts for less hot weather and lower air conditioning demand.
The U.S. EIA said U.S. utilities added 55 billion cubic feet (bcf) of gas into storage during the week ended July 9.
Data provider Refinitiv said U.S. output in the Lower 48 states slipped to 91.4 billion cubic feet per day (bcfd) so far in July.
U.S. pipeline exports to Mexico, meanwhile, averaged 6.6 bcfd so far in July, down from a record 6.8 bcfd in June.
SELL NAT GAS JUL 2021 @ 276.00 SL 280.00 TGT 270.00-266.50.MCX
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