Buy Crude Oil AUG @ 7100 SL 7000 TGT 7250-7350. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 7100 SL 7000 TGT 7250-7350. MCX
Observations
Crudeoil trading range for the day is 6747-8093.
Crude oil dropped as hopes for renewed diplomacy between the US and Iran eased concerns over supply disruptions.
Trump said his proposal for talks represents Tehran’s final opportunity to reach a deal.
Iran, however, denied that any direct talks with the US are underway, though it said discussions with Oman aimed at increasing shipping.
OPEC+ approved another modest production increase, completing the planned restoration of supply cuts introduced in 2023
NATURALGAS
BUY NATURALGAS AUG @ 254 SL 250 TGT 258-262. MCX
Observations
Naturalgas trading range for the day is 246.4-271.2.
Natural gas slid on record output, lower flows to liquefied natural gas export plants, and ample amounts of gas in storage.
Gas inventories have remained in surplus despite weeks of above-normal temperatures so far this summer.
Speculators lifted bearish positions to highest since March, CFTC data showed
Average gas demand in the Lower 48 states, including exports, would rise from 112.6 bcfd this week to 114.4 bcfd next week.
