Sell CrudeOil Aug @ 8100 SL 8200 TGT 8000-7900. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL AUG @ 8100 SL 8200 TGT 8000-7900. MCX
Observations
Crudeoil trading range for the day is 7677-8307.
Crude oil gains as investors assessed the uncertain outlook for the US-Iran conflict and potential supply disruptions.
Renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz added to concerns that tensions could persist.
Iranian Foreign Minister Abbas Araqchi said Tehran had not decided whether to resume talks with the US.
Crude oil speculators increased their net long positions in WTI crude oil by 4,034 contracts to 105,860 contracts.
Natural Gas
BUY NATURALGAS AUG @ 255 SL 252 TGT 259-262. MCX
Observations
Naturalgas trading range for the day is 249.2-265.8.
Natural gas prices fell weighed down by robust production and comfortable inventory levels.
An EIA report showed energy firms injected 36 bcf of gas into storage, larger than market expectations of a 31 bcf build.
Natural gas speculators on the four major NYMEX and ICE markets reduced their net short positions by 18,848 contracts.
Production in the Lower 48 states averaged a record 111.3 bcfd in August so far, up from 110.7 bcfd in July
