Sell Crude Oil SEP @ 6550 SL 6650 TGT 6450-6350. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 6355-6729.
Crude Oil fell on strong dollar, rising U.S. supply, and fuel demand worries
Iran's oil minister expects 3.4M bpd output by Sept. despite U.S. sanctions.
Brent prices to be well supported near $80/bbl, says Morgan Stanley
U.S. field production of crude oil rose last week by 100,000 barrels per day (bpd) to 12.8 million bpd
SELL CRUDEOIL SEP @ 6550 SL 6650 TGT 6450-6350. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 201.6-214.4.
Natural gas eased on forecasts for demand to decline
The U.S. EIA said utilities added just 18 billion cubic feet (bcf) of gas into storage
The U.S. NHC forecast a tropical cyclone could form in the Caribbean Sea, or Gulf of Mexico over the next week.
Average gas output in the U.S. Lower 48 states eased to 101.6 bcfd so far in August, down from 101.8 bcfd in July
BUY NATURALGAS AUG @ 208 SL 203 TGT 213-218. MCX
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