Sell Crudeoil Aug 2022 @ 7300 Sl 7500 Tgt 7050-6900.Mcx - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7126-7668.
Crude oil fell pressured by uncertainty regarding the extent that the global economic slowdown may have on energy demand.
OPEC cut its forecast for growth in world oil demand in 2022 by 260,000 barrels per day (bpd)
The IEA raised its outlook for 2022 demand by 380,000 barrels per day (bpd).
U.S. oil production rose last week to the highest level since April 2020, Energy Information Administration data showed.
SELL CRUDEOIL AUG 2022 @ 7300 SL 7500 TGT 7050-6900.MCX
NATURAL GAS
Natural gas trading range for the day is 664.3-726.1.
Natural gas fell on forecasts for cooler weather and lower demand next week than previously expected.
Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas
Average gas output in the U.S. Lower 48 states had risen to 97.6 bcfd so far in August from a record 96.7 bcfd in July.
EIA said utilities added 44 billion cubic feet (bcf) of gas to storage during the week ended Aug. 5
SELL NAT GAS AUG 2022 @ 705.00 SL 725.00 TGT 680.00-660.00.MCX
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