Buy CrudeOil Sep @ 7950 SL 7850 TGT 8050-8150. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL SEP @ 7950 SL 7850 TGT 8050-8150. MCX
Observations
Crudeoil trading range for the day is 7803-8103.
Crude oil gains as U.S.-Iran diplomatic talks show no sign of resumption despite serious efforts by intermediaries.
The shift in stance by the U.S. to pressure Iran economically rather than by force dampened the risk premium for crude oil.
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said.
Natural Gas
SELL NATURALGAS SEP @ 278 SL 282 TGT 274-271. MCX
Observations
Naturalgas trading range for the day is 267-286.
Natural gas edged lower as traders locked in profits after prices gained on forecasts for warmer weather.
EIA said energy firms added 15 billion cubic feet (bcf) of gas to storage during the week ended August 21.
Average gas output has reached 111.4 bcfd so far in August, up from a monthly record high of 110.7 bcfd in July.
Average gas demand including exports, would slip from 112.7 bcfd this week to 111.1 bcfd in the week.
