Sell Crudeoil Aug @ 5620 SL 5700 TGT 5520-5420. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL AUG @ 5620 SL 5700 TGT 5520-5420. MCX
Observations
Crudeoil trading range for the day is 5439-5689.
Crude oil rose supported by a risk premium ahead of talks between US and Russia.
Trump warned that Russia would face “very severe consequences” if Putin refuses to end the Ukraine war.
The IEA issued a bearish forecast, projecting a record global surplus of 2.96 million bpd in 2026.
Inventories climbing by 3.036 mln bbls, defying expectations for a draw and signaling tepid demand.
NATURALGAS
BUY NATURALGAS AUG @ 245 SL 240 TGT 252-256. MCX
Observations
Naturalgas trading range for the day is 240.5-254.3.
Natural gas rose on stronger demand forecast, Freeport LNG Texas plant back online.
LNG feedgas flows averaged 16.2 bcfd so far in August, up from 15.5 bcfd in July.
Utilities in the US injected 56 bcf of natural gas into storage to total 3.186 tcf of storage.
Current storage levels were 6.6% higher than the five-year average.
