Sell Natural Gas AUG @ 254 SL 257 TGT 251-248. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 7320 SL 7220 TGT 7420-7520. MCX
Observations
Crudeoil trading range for the day is 6969-7659.
Crude oil gains on low level recovery as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz.
US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious.
US crude inventories rose from their lowest level since 2018
Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.
NATURALGAS
SELL NATURALGAS AUG @ 254 SL 257 TGT 251-248. MCX
Observations
Naturalgas trading range for the day is 246.3-261.9.
Natural gas dropped as a bearish amount of gas in storage offset a bullish drop in output and forecasts for hotter weather.
EU gas stocks are just under 58% full – the lowest for the time of year in records going back to 2011 and 12 percentage points behind last year’s level.
LSEG sees Lower 48 gas demand rising to 114.3 bcfd next week LNG feedgas fell to 16.8 bcfd amid maintenance, including Freeport's Texas facility
