Buy Crude Oil SEP @ 8450 SL 8350 TGT 8600-8700. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL SEP @ 8450 SL 8350 TGT 8600-8700. MCX
Observation
Crudeoil trading range for the day is 8048-8802.
Crude oil gained after the U.S. and Iran returned to tit-for-tat strikes, raising concerns about energy supplies.
President Trump has threatened to hit Iran "hard" after the two foes traded fire for the first time in over a month.
Japan plans no crude oil release from national reserve in September, October
Net long positions in NYMEX WTI crude oil rose by 538 contracts to 104,573 contracts, hitting a four-week high.
NATURAL GAS
BUY NATURALGAS SEP @ 275 SL 272 TGT 278-281. MCX
Observation
Naturalgas trading range for the day is 267.8-285.
Natural gas fell on record output and forecasts for less hot weather over the next two weeks than previously expected.
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
Lower 48 gas output averages record 111.5 bcfd in August, LSEG says
LSEG sees Lower 48 demand, including exports, falling to 108.8 bcfd next week
