Sell Natural Gas SEP @ 282 SL 286 TGT 278-275. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL SEP @ 8100 SL 8000 TGT 8200-8300. MCX
Observations
Crudeoil trading range for the day is 7945-8363.
Crude oil rose as tensions in ME escalated, with the US and Iran exchanging strikes for the first time in roughly a month
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said.
Net long positions in NYMEX WTI crude oil rose by 538 contracts to 104,573 contracts, hitting a four-week high.
Speculators' net long positions in Brent and WTI crude oil fell to 333,914 contracts, marking a three-week low
NATURAL GAS
SELL NATURALGAS SEP @ 282 SL 286 TGT 278-275. MCX
Observations
Naturalgas trading range for the day is 268.6-287.
Natural gas gained supported by a smaller-than-usual storage injection and forecasts for continued warm weather.
Gas prices also gained amid forecasts of record-high temperatures across the Southwest.
Output in the Lower 48 states averaging a record 111.4 bcfd so far in August, up from 110.7 bcfd in July.
Speculators' net short positions in NYMEX natural gas declined to 46,024 contracts, a seven-week low - CFTC
