Sell Natural Gas AUG @ 268 SL 272 TGT 264-260. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL SEP @ 8100 SL 8000 TGT 8220-8320. MCX
Observations
Crudeoil trading range for the day is 7998-8324.
Crude oil prices slipped as investors took profits and awaited details of expected new U.S. sanctions on Iran.
The IEA is not currently discussing a second release of oil from strategic reserves, its chief Fatih Birol said.
Crude oil exports from Saudi Arabia rose to 3.993 mbpd in June, from a record low of 3.434 mbpd in May.
CFTC’s report shows net long oil positions jumped to 122.1K contracts from 99.2K, a 23% increase
NATURAL GAS
SELL NATURALGAS AUG @ 268 SL 272 TGT 264-260. MCX
Observations
Naturalgas trading range for the day is 255-277.2.
Natural gas prices rose as traders balanced expectations for persistent summer heat against abundant supply.
The latest EIA report showed US utilities added only 16 billion cubic feet of gas to storage last week.
Strong output has therefore limited the impact of elevated summer demand on storage levels.
Average gas flows to the nine major US LNG export facilities held at 17.2 bcfd in August, slightly below June’s record of 17.4 bcfd.
