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Buy Crudeoil Oct @ 5880 SL 5800 TGT 5980-6060. MCX - Kedia Advisory
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CRUDEOIL
Observation
Crudeoil trading range for the day is 5382-6324.
Crude oil gains following reports Iran was preparing to launch a missile attack on Israel.
U.S. oil demand rose in July to the highest seasonal level since 2019.
Total U.S. oil production fell by 25,000 bpd from June to 13.205 million bpd in July, EIA data showed.
Libya preparing to restart oil output as central bank crisis eases
BUY CRUDEOIL OCT @ 5880 SL 5800 TGT 5980-6060. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 233.2-252.
Natural gas eased on forecasts for less demand over the next two weeks than previously expected.
That price decline came even as lower output so far this year has cut the amount of the fuel going into storage.
Storage injections in July, August and likely in September were at record lows.
Gas output in the Lower 48 U.S. states fell to an average of 101.8 billion cubic feet per day in September.
SELL NATURALGAS OCT @ 246 SL 250 TGT 242-238. MCX
