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Sell Crudeoil SEP @ 6750 SL 6850 TGT 6650-6550. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 6522-6800.
Crude oil gains amid weaker dollar and China stimulus optimism outweighed growing concerns over fuel demand.
Prices were also supported by concerns that a tropical storm off the U.S. Gulf Coast may impact supply.
Meanwhile, Idalia has strengthened into a hurricane with maximum sustained winds of 75 mph and stronger gusts.
US weekly production of crude oil rose to highest since March 2020 – EIA
SELL CRUDEOIL SEP @ 6750 SL 6850 TGT 6650-6550. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 214-226.6.
Natural gas slid amid forecasts for less hot weather and lower gas use.
The flow of gas to US LNG export plants has diminished in August, primarily due to reduced operations
Meteorologists forecast that hotter-than-usual weather will persist through early September
Average gas output in the lower 48 U.S. states fell to 101.1 bcfd so far in August, down from 101.8 bcfd in July.
BUY NATURALGAS SEP @ 215 SL 210 TGT 222-228. MCX
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