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Buy Crudeoil SEP @ 7300 SL 7220 TGT 7400-7480. MCX - Kedia Advisory
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Crudeoil
Observation
Crudeoil trading range for the day is 7311-7607.
Crude oil rose driven by expectations of a tightening global oil market.
IEA reported ongoing supply cuts by major producers like Saudi Arabia and Russia, leading to a significant market deficit
OPEC also predicted a substantial 3.3 million barrel per day deficit
US crude inventories unexpectedly rose by 4 million barrels last week, defying expectations of a 1.9 million-barrel decline
BUY CRUDEOIL SEP @ 7300 SL 7220 TGT 7400-7480. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 218.9-237.9.
Natural gas gained on a drop in daily output, and forecasts for higher gas demand.
Support also seen on signs that Freeport LNG export plant in Texas started to pull in more feed gas.
US utilities added 57 billion cubic feet (bcf) of gas into storage
Last week's increase lifted stockpiles to 3.205 trillion cubic feet (tcf), 45 bcf higher than last year at this time
BUY NATURALGAS SEP @ 217 SL 212 TGT 224-228. MCX
