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Sell Crudeoil SEP @ 6620 SL 6720 TGT 6520-6420. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6326-6758.
Crudeoil dropped as concerns about an economic slowdown in China could hurt demand.
US weekly production of crude oil rose to highest since March 2020 – EIA
U.S. crude oil inventories fell last week as refinery processing surged and crude output reached their highest
Crude inventories fell by 6.1 million barrels in the week to Aug. 18 to 433.5 million barrels
SELL CRUDEOIL SEP @ 6620 SL 6720 TGT 6520-6420. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 200.9-217.3.
Natural gas eased as the amount of gas flowing to LNG export plants remained low
Prices fell despite forecasts for hotter weather and higher gas demand over the next two weeks than previously expected.
Russia's natural gas output falls 6.7% y/y in July
U.S. natural gas storage is on track to end the April-October summer injection season at 3.923 tcf on Oct. 31, the most since 2020
BUY NATURALGAS AUG @ 203 SL 198 TGT 210-214. MCX
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