IGI Logo

Crude oil 

SELL CRUDEOIL SEP @ 5600 SL 5700 TGT 5500-5420. MCX

Observations

Crudeoil trading range for the day is 5522-5628.

Crude oil rose as peace hopes dimmed amid renewed Russia-Ukraine strikes.

U.S. inventories saw largest nationwide draw since mid-June, supporting prices.

Cushing crude stocks built further, highlighting weaker underlying market demand.

German economy contracted more than estimated, raising global oil demand concerns.

Natural gas

BUY NATURALGAS AUG @ 230 SL 225 TGT 235-240. MCX

Observations

Naturalgas trading range for the day is 227.8-250.6.

Natural gas fell as supply remained abundant.

Production in the Lower 48 states averaged a record 108.1 bcfd so far in August, slightly above July’s 107.9 bcfd.

However, weekly injections into storage were below the five-year norm, suggesting limited pressure from demand.

LNG export flows have risen modestly, averaging 15.8 bcfd in August.