Sell Crudeoil trading range for the day is 7768-8378 - Kedia Advisory
Crudeoil
SELL CRUDEOIL AUG @ 8050 SL 8150 TGT 7950-7850. MCX
Observations
Crudeoil trading range for the day is 7768-8378.
Crude oil dropped amid reports of talks between Oman and Iran over the Strait of Hormuz
U.S. commercial oil inventory drew more than expected last week as refineries stepped up processing and exports climbed.
Crude inventories, fell by 7.2 million barrels to 404.5 million barrels, the EIA said, the lowest level since 2018.
OPEC+ is likely to halt oil output increases for three months starting in October.
Natural Gas
BUY NATURALGAS AUG @ 260 SL 256 TGT 265-268. MCX
Observations
Naturalgas trading range for the day is 254.5-271.1.
Natural gas edged up on a smaller-than-expected storage build and forecasts for more demand than previously expected.
EIA says utilities add 28 bcf of gas to storage, below analysts' forecast of 35 bcf
LSEG says July Lower 48 gas output averages record 110.7 bcfd
Hotter-than-normal weather is expected to persist through August 14
