Sell Natural gas Sep @ 264 SL 269 TGT 258-252. MCX - Kedia Advisory
Crude oil
BUY CRUDEOIL SEP @ 5680 SL 5600 TGT 5780-5880. MCX
Observations
Crudeoil trading range for the day is 5588-5788.
Crude oil rose driven by renewed threats to Russian supply following fears of supplementary tariffs by EU.
The geopolitical risks are being countered by a looming oversupply and weaker demand prospects.
Money managers reduced their net-long U.S. crude positions for fourth straight week, hitting the lowest level since January 2007.
Investors await the OPEC+ meeting later this week, with accelerated output increases from the group raising the global supply outlook.
Natural gas
SELL NATURALGAS SEP @ 264 SL 269 TGT 258-252. MCX
Observations
Naturalgas trading range for the day is 251.2-276.
Natural gas fell as mild weather forecasts limited short-term demand outlook.
Ample supplies and storage pressure continued weighing on overall market sentiment.
EIA data showed storage aggregates down 3.4% year-on-year, limiting comfort.
US consumers face stronger bidding competition as domestic availability tightens further.
