Sell Crude Oil SEP @ 8350 SL 8450 TGT 8250-8150. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL SEP @ 8350 SL 8450 TGT 8250-8150. MCX
Observations
Crudeoil trading range for the day is 7933-8589.
Crude oil gains amid prevailing uncertainty over U.S.-Iran peace talks and tensions involving UAE, Oman and Iran.
President Trump sharpened his rhetoric against Tehran, warning of economic consequences against any country that provided "any type of lifeline to Iran."
Crude inventories rose by 4.4 million barrels to 428.8 million barrels in the week ended August 14, the EIA said.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels in the week, the EIA said.
NATURALGAS
BUY NATURALGAS AUG @ 260 SL 256 TGT 264-268. MCX
Observations
Naturalgas trading range for the day is 254.2-273.
Natural gas prices slipped as traders balanced expectations for continued hot weather against ample supply.
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
Record output and mild spring weather this year have allowed energy firms to keep the amount of gas in inventory higher.
Average gas output has reached 111.4 bcfd so far in August, up from a monthly record high of 110.7 bcfd in July.
