Buy Crudeoil Aug @ 5580 SL 5500 TGT 5680-5780. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL AUG @ 5580 SL 5500 TGT 5680-5780. MCX
Observations
Crudeoil trading range for the day is 5477-5725.
Crude oil settled flat as investors looked ahead to talks this week between the U.S. and Russia over the war in Ukraine.
UBS has lowered its year-end Brent crude forecast to $62 a barrel from $68.
Money managers cut their net long U.S. crude futures and options positions - CFTC
Saudi Arabia's crude oil exports to China are set to fall in September, slipping from a more than two-year high in August.
Natural Gas
BUY NATURALGAS AUG @ 255 SL 250 TGT 260-265. MCX
Observations
Naturalgas trading range for the day is 250.2-267.8.
Natural gas fell pressured by near-record production, strong storage levels, and milder weather forecasts.
Forecasts point to hotter-than-normal weather through late August, boosting demand.
Daily output dropped to a four-week low of 106 bcfd, down nearly 3.7 bcfd from the record high set in late July.
LNG feedgas demand has picked up, averaging 15.9 bcfd so far in August, compared to 15.5 bcfd in July.
