Sell Crudeoil Aug @ 6100 SL 6180 TGT 6020-5950. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL AUG @ 6100 SL 6180 TGT 6020-5950. MCX
Observations
Crudeoil trading range for the day is 5920-6228.
Crude oil dropped as traders assessed both geopolitical risks and US inventory data.
U.S. crude oil inventories rose by 7.7 million barrels to 426.7 million barrels, driven by lower exports.
Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels.
Goldman Sachs expects OPEC8+ to raise oil output by 0.55 mb/d in Sept
NATURALGAS
BUY NATURALGAS AUG @ 268 SL 264 TGT 273-278. MCX
Observations
Naturalgas trading range for the day is 257.1-280.7.
Natural gas gained on short covering after prices dropped on rising production and a cooler weather view.
Average gas output in the Lower 48 states rose to 107.5 bcfd in July, topping June’s record of 106.4 bcfd.
Additionally, LNG demand has been soft recently but could strengthen, offering further support if international buyers return
US utilities injected 48 bcf natural gas into storage, bringing total inventories to 3.123 trillion cubic feet.
