Sell Crude Oil AUG @ 8200 SL 8300 TGT 8050-7950. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL AUG @ 8200 SL 8300 TGT 8050-7950. MCX
Observations
Crudeoil trading range for the day is 8012-8292.
Crude oil climbed as prospects for a new agreement between the US and Iran weakened
President Donald Trump said he was not interested in extending the interim peace deal.
Iran and Oman continue to negotiate an arrangement for managing shipping through the Strait of Hormuz, although the US is not involved in the talks.
Crude oil speculators increased their net long positions in WTI crude oil by 4,034 contracts to 105,860 contracts.
NATURALGAS
SELL NATURALGAS AUG @ 268 SL 272 TGT 264-261. MCX
Observations
Naturalgas trading range for the day is 255.6-270.
Natural gas edged up on forecasts for more demand with the weather expected to remain hotter-than-normal.
Average gas output rose to 111.3 bcfd so far in August, up from a monthly record high of 110.7 bcfd in July.
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
Power outages after Midwest storms could curb gas burn for electricity this week
