Sell Crude Oil SEP @ 8200 SL 8300 TGT 8100-8000. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 8200 SL 8300 TGT 8100-8000. MCX
Observation
Crudeoil trading range for the day is 7908-8338.
Crude oil rose amid uncertainty over shipping through the Hormuz and ongoing supply disruptions.
Hormuz traffic slows as uncertainty over waterway persists Iraq's cabinet approves new export routes from September 1
Trump says no talks planned with Iran and Tehran says Strait of Hormuz still shut
NATURAL GAS
SELL NATURALGAS AUG @ 272 SL 276 TGT 268-264. MCX
Observation
Naturalgas trading range for the day is 260.7-279.9.
Natural gas climbed as forecasts pointed to prolonged and intense heat across the southern and western parts of country.
However, the price gains were limited by exceptionally strong domestic production.
Average output in the Lower 48 states has reached 111.6 billion cubic feet per day in August, surpassing July’s record of 110.7 bcfd.
Strong production and relatively mild weather earlier this year have also kept inventories above the five-year average since March.
