Buy Naturalgas Aug @ 177 SL 174 TGT 182-186. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6243-6649.
Crude oil dropped after a string of dismal indicators for July from China overshadowed geopolitical risks.
Chinese refineries also sharply lowered crude processing rates last month on tepid fuel demand.
Commerzbank expects Brent oil price of $85 and WTI price of $80 per barrel by end 2024
BUY CRUDEOIL AUG @ 6400 SL 6320 TGT 6480-6550. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 173-189.6.
Natural gas dropped on forecasts for less hot weather and oversupply of gas in storage
The U.S. Energy Information Administration said utilities drew 6 billion cubic feet (bcf) of gas from inventories
LSEG forecast average gas demand to rise from 104.4 bcfd this week to 106.5 bcfd next week.
LSEG said gas output in the Lower 48 U.S. has fallen to an average of 102.4 bcfd so far in August, down from 103.4 bcfd in July.
BUY NATURALGAS AUG @ 177 SL 174 TGT 182-186. MCX
