Sell Crudeoil Aug 2021 @ 5440 SL 5550 TGT 5320-5260.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5210-5472
Crude oil settled flat after pressure seen on concerns over demand recovery amid a surge in new COVID-19 cases globally.
Oil demand seen at 99.86 mbpd in 2022, similar to 2019
2021 oil demand growth forecast kept at 5.95 mln bpd
OPEC June output rises by 590,000 bpd as cuts eased
SELL CRUDEOIL AUG 2021 @ 5440 SL 5550 TGT 5320-5260.MCX
NATURAL GAS
Natural gas trading range for the day is 265-278.8.
Natural gas rose as soaring global gas prices boost exports.
However upside seen limited amid forecasts for less hot weather in the U.S. Lower 48 states and lower air conditioning demand
The U.S. Energy Information Administration (EIA) said U.S. utilities added 55 billion cubic feet of gas into storage during the week ended July 9.
U.S. natural gas prices in 2021 at the Henry Hub benchmark in Louisiana will likely rise to their highest since 2018
SELL NAT GAS JUL 2021 @ 270.00 SL 275.00 TGT 264.00-260.00.MCX
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