Sell Natural Gas AUG @ 267 SL 270 TGT 263-260. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 7850 SL 7750 TGT 8000-8100. MCX
Observations
Crudeoil trading range for the day is 7591-8249.
Crude oil rose amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.
Supply concerns intensified amid growing doubts over a near-term agreement to reopen the Strait of Hormuz.
U.S. President Donald Trump said the U.S. is semi-negotiating with Iran and wants Iran to remain under economic pressure.
U.S. crude inventories in the Strategic Petroleum Reserve fell below 300 million barrels for the first time since January 1983, data showed.
NATURALGAS
SELL NATURALGAS AUG @ 267 SL 270 TGT 263-260. MCX
Observations
Naturalgas trading range for the day is 259.2-272.4.
Natural gas dropped amid a bearish decline in liquefied natural gas export flows, near-record output
Average gas flows to nine big US LNG export plants ease to 17.1 bcfd so far in August
Storage surplus seen narrowing to 6.6% above five-year norm before Thursday's
EIA report Forecasters expect above-normal warmth through August 26, sustaining air-conditioning fuel burn
