Sell Crudeoil Aug @ 5880 SL 5980 TGT 5780-5680. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL AUG @ 5880 SL 5980 TGT 5780-5680. MCX
Observations
Crudeoil trading range for the day is 5645-6039.
Crude oil fell as traders digested OPEC+’s decision to raise output and growing geopolitical uncertainty.
OPEC+ confirmed a widely expected production increase of 547,000 barrels per day starting in September
Traders are also watching for possible US action against Russian oil flows.
President Trump has threatened secondary sanctions on countries buying Russian crude.
NATURAL GAS
BUY NATURALGAS AUG @ 252 SL 248 TGT 257-262. MCX
Observations
Naturalgas trading range for the day is 245.9-275.9.
Natural gas dropped pressured by oversupply concerns and mild weather forecasts.
EIA reported 48 bcf injection, beating forecast of 38 bcf
Lower 48 output hit 107.5 bcfd, surpassing June’s previous record.
Cooler weather outlook reducing immediate power sector demand for natural gas
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