Crudeoil trading range for the day is 6690 - 6960 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6690-6960
Crude oil up on Saudi Arabia, Russia extending supply cuts next month.
Saudi Arabia said it would extend its 1 million barrels per day production cut for another month
Russia's Novak: global oil demand to grow by 2.4 mln bpd in 2023
OPEC+ ministers keep oil output policy unchanged
SELL CRUDEOIL Aug 2023 @ 6920 SL 7000 TGT 6820-6720. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 206.6-220.4
Natural gas dropped weighed down by forecasts for lower demand.
The price drop came despite forecasts for hotter than normal weather continuing through mid-August, especially in Texas.
Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 19.
The U.S. EIA said utilities added 14 bcf of gas into storage during the week ended July 28.
BUY NAT GAS Aug 2023 @ 208 SL 203 TGT 214-220. NCDEX
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