Powered by: Motilal Oswal
2024-08-27 12:23:12 pm | Source: Kedia Advisory
Buy Naturalgas Aug @ 162 SL 158 TGT 166-170. MCX - Kedia Advisory
Buy Naturalgas Aug @ 162 SL 158 TGT 166-170. MCX - Kedia Advisory

CRUDE OIL

Observations

Crudeoil trading range for the day is 6242-6636.

Crude oil gains due to supply risk concerns amid escalating Middle East tensions.

U.S. crude stocks, gasoline and distillate inventories fell in the week ending August 16.

Iraq renews commitment to OPEC+ output cut agreement

Morgan Stanley cuts 2024 oil demand growth outlook on China factors

BUY CRUDEOIL SEP @ 6440 SL 6340 TGT 6540-6640. MCX

 

NATURAL GAS

Observations

Naturalgas trading range for the day is 159.1-172.5.

Natural gas slid on forecasts for lower demand this week than previously expected.

Despite smaller weekly builds, there was 12% more gas in storage than usual.

LSEG reported a drop in gas output in the Lower 48 US states to 102.3 bcfd in August.

LSEG predicts average gas demand in the Lower 48 to rise from 101.2 bcfd to 103.9 bcfd next week

BUY NATURALGAS AUG @ 162 SL 158 TGT 166-170. MCX

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here