Buy Natural Gas AUG @ 254 SL 250 TGT 258-262. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 7100 SL 7000 TGT 7200-7300. MCX
Observations
Crudeoil trading range for the day is 6934-7396.
Crude oil dropped as investors grew increasingly optimistic that a deal to reopen the Strait of Hormuz could soon be reached.
As per reports, the US, Iran and Oman are close to a 60-day interim agreement to reopen the waterway without tolls.
Saudi Arabia reportedly held talks with Yemen's Houthi movement through Omani mediators in an effort to prevent the conflict from escalating.
Goldman Sachs said it expects Brent crude to remain in an $80 to $90 per barrel range until there is either confirmation of a new U.S.-Iran nuclear deal.
NATURALGAS
BUY NATURALGAS AUG @ 254 SL 250 TGT 258-262. MCX
Observations
Naturalgas trading range for the day is 251.9-261.1.
Natural gas gains on short covering after prices dropped on expectations for weaker demand and milder weather.
Upside was capped amid record production levels and ample inventories, with storage volumes remaining above the five-year average
US Lower 48 gas production averaged a record 110.7 billion cubic feet per day in July, while flows to major LNG export facilities declined.
Forecasts pointed to moderating temperatures across much of the country in the coming weeks
