Buy Crudeoil Sep @ 5980 SL 5900 TGT 6070-6150. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 5880-6310
Crude oil dropped amid China demand concerns and easing geopolitical risks
Imports of crude oil from Russia fell in July by 7.4% from a year ago.
Markets continued to monitor progress in the Middle East
China's economic struggles have contributed to weak processing margins and low fuel demand.
BUY CRUDEOIL SEP @ 5980 SL 5900 TGT 6070-6150. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 174.6-190.4.
Natural gas prices dropped amid tremendous oversupply of gas still in storage.
However, downside seen limited amid decline in output in recent days and forecasts for more hot weather.
Gas output in the U.S. Lower 48 states has slid to an average of 102.3 bcfd so far in August, down from 103.4 bcfd in July.
LSEG forecast average gas demand in the Lower 48, will rise from 103.9 bcfd this week to 105.1 bcfd next week.
BUY NATURALGAS AUG @ 178 SL 174 TGT 183-186. MCX
