Sell Crude Oil SEP @ 5600 SL 5700 TGT 5500-5420. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 5600 SL 5700 TGT 5500-5420. MCX
Observations
Crudeoil trading range for the day is 5442-5628.
Crude oil prices edged up bolstered by signs of strong demand in the United States.
U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. EIA said.
US resumes imports of Venezuelan oil under new license to Chevron
Investors are closely monitoring steps in talks to end the Russia-Ukraine war, as any progress could influence sanctions on Russian crude exports.
NATURALGAS
BUY NATURALGAS AUG @ 245 SL 240 TGT 252-256. MCX
Observations
Naturalgas trading range for the day is 234.8-255.4.
Natural gas climbed on recent declines in daily output and an increase in gas flows to LNG export plants.
Average gas output in the Lower 48 states rose to 108.4 billion cubic feet per day so far in August.
Average gas demand in the Lower 48 states, would ease from 110.8 bcfd to 106.8 bcfd next week.
Meteorologists forecast the weather will remain mostly near normal through September 5, which is about the same as previously expected.
