Buy Naturalgas Aug @ 184 SL 180 TGT 188-190. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6370-6698
Crude oil dropped after the EIA reported an unexpected increase in US crude oil stocks.
International Energy Agency's report indicated that inventory declines will slow in the final quarter
Crude oil inventories in the US unexpectedly increased by 1.357 million barrels
Stocks at the Cushing, Oklahoma delivery hub decreased by 1.665 million barrels.
BUY CRUDEOIL AUG @ 6450 SL 6350 TGT 6550-6650. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 174.9-197.3.
Natural gas rose supported by a drop in output and forecasts of hotter weather for the second half of August.
LSEG forecast average gas demand in the Lower 48 U.S. states, to rise from 105.9 bcfd this week to 107.5 bcfd next week.
LSEG said gas output in the Lower 48 has fallen to an average of 102.6 bcfd so far in August, down from 103.4 bcfd in July.
Asian spot LNG prices remained at their highest level in over seven months.
BUY NATURALGAS AUG @ 184 SL 180 TGT 188-190. MCX
