Buy Crude Oil AUG @ 7750 SL 7650 TGT 7900-800. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 7750 SL 7650 TGT 7900-800. MCX
Observations
Crudeoil trading range for the day is 7270-8086.
Crude oil gains on optimism over talks to reopen the Strait of Hormuz.
Iran says it is close to agreeing Hormuz shipping lanes with Oman
U.S. would have to meet certain conditions before strait is reopened, Iran says
WTI crude oil futures, speculative traders reduced their net long positions by 4,683 contracts, bringing the total down to 101,824 contracts.
NATURAL GAS
SELL NATURALGAS AUG @ 267 SL 270 TGT 263-260. MCX
Observations
Naturalgas trading range for the day is 253.5-274.5.
Natural gas rose supported by stronger demand from liquefied natural gas (LNG) export facilities.
Daily flows to the nine major US LNG export plants were on track to reach a one-month high of 17.9 bcfd.
Average feedgas demand stood at 17.2 bcfd in July, just below June’s monthly record of 17.4 bcfd.
Natural gas speculators increased their net short positions by 28,093 contracts to 89,090 contracts – CFTC
