Buy Natural Gas AUG @ 260 SL 256 TGT 264-268. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL AUG @ 7800 SL 7900 TGT 7650-7550. MCX
Observations
Crudeoil trading range for the day is 7350-7936.
Crude oil dropped as President Donald Trump announced that peace talks with Iran will resume.
OPEC+ agreed to a modest 188,000 bpd rise in its oil output quotas for September, the group said in a statement.
CFTC reported, crude oil speculators increased their net long positions in WTI crude oil by 28,159 contracts to 106,507 contracts.
U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month
NATURALGAS
BUY NATURALGAS AUG @ 260 SL 256 TGT 264-268. MCX
Observations
Naturalgas trading range for the day is 259.2-271.2.
Natural gas prices edged up after the latest EIA report showed a smaller-than-expected increase in storage last week.
Natural gas speculators increased their net short positions across the four major markets by 5,281 contracts
Average gas output rose to 110.7 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June
Average gas demand would rise from 111.8 bcfd this week to 112.2 bcfd next week and 112.8 bcfd in two weeks.
