Buy Crudeoil Aug @ 6440 SL 6380 TGT 6620-6680. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6294-6678.
Crude oil prices slipped pressured by muted demand in China and hopes of a Gaza ceasefire deal.
China's total fuel oil imports dropped 11% in the first half of 2024, have raised concern about the wider demand outlook in China.
US economy showed stronger-than-expected growth in Q2, suggesting potential Fed interest rate cuts in September, which could boost oil demand.
The EIA reported a larger-than-expected drop in US crude inventories by 3.7 mbls.
BUY CRUDEOIL AUG @ 6440 SL 6380 TGT 6620-6680. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 170.5-177.9.
Natural gas dropped as rising output offset forecasts for more demand over the next two weeks
Gas stockpiles were currently about 16% above normal for this time of year
U.S. output hit a monthly record high of 105.5 bcfd in December 2023.
Meteorologists projected weather across the Lower 48 would remain mostly near normal through July 28
BUY NATURALGAS AUG @ 172 SL 168 TGT 178-182. MCX
