Buy Naturalgas Aug @ 178 SL 174 TGT 183-186. MCX - Kedia Advisory
CRUDE OIL
Observations
Crudeoil trading range for the day is 6472-6798.
Crude oil fell as markets saw reduced risk of a wider war in the Middle East.
IEA kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate
OPEC cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year
An escalation of conflict in the Middle East could endanger crude supply
BUY CRUDEOIL AUG @ 6550 SL 6450 TGT 6650-6750. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 175.1-191.3.
Natural gas dropped on forecasts for less hotter weather and lower demand over the next two weeks.
LSEG said gas output in the Lower 48 states had risen to an average of 102.9bcfd so far in August.
Asian spot LNG prices remained at their highest level in over seven months.
Average gas demand in the Lower 48 states, to fall to 104.0 bcfd this week from 109.9 bcfd last week.
BUY NATURALGAS AUG @ 178 SL 174 TGT 183-186. MCX
