IGI Logo

CRUDE OIL

Observations

Crudeoil trading range for the day is 5951-6295.

Crude oil drops as US recession fears spark broader selloff

Demand concerns rise after weak US payrolls report

Declines were limited by Libyan supply losses

However, spreading conflict in the Middle East could further hit crude supplies.

BUY CRUDEOIL AUG @ 6120 SL 6040 TGT 6220-6300. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 155.8-171.

Natural gas fell on rising output and forecasts for less demand next week than previously expected.

Prices fell despite a bullish smaller-than-expected weekly storage build

Gas output in the Lower 48 states rose to an average of 103.8 bcfd so far in August, up from 103.4 bcfd in July.

US utilities added 18 billion feet of gas into storage to 3,249 billion cubic feet.

BUY NATURALGAS AUG @ 162 SL 158 TGT 166-169. MCX