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
