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Buy Crudeoil Aug @ 6280 SL 6200 TGT 6380-6450. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6051-6511.
Crude oil rose underpinned by persistent supply-side concerns.
Libya’s largest oil field, Sharara, announced a reduction in production due to protests and security issues.
US crude oil inventories rose by 0.18 million barrels for the week ending August 2, 2024 - API
China's July crude oil imports lowest since Sept 2022
BUY CRUDEOIL AUG @ 6280 SL 6200 TGT 6380-6450. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 167.1-182.3.
Natural gas rose boosted by forecasts for hotter weather over the next two weeks
U.S. natural gas output will average around 103.3 billion cubic feet per day (bcfd) this year.
Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024.
Gas output in the Lower 48 states had risen to an average of 103.6 bcfd so far in August, up from 103.4 bcfd in July.
