Sell Naturalgas Aug @ 262 SL 268 TGT 255-252. MCX - Kedia Advisory
Crude oil
SELL CRUDEOIL AUG @ 5640 SL 5720 TGT 5540-5450. MCX
Observations
Crudeoil trading range for the day is 5443-5747.
Crude oil gains amid supply concerns as Trump warned of wider secondary sanctions for buying Russian oil.
OPEC pumped 27.38 million barrels per day last month, up 270,000 bpd from June's revised total, the survey showed.
Trump said China, the largest buyer of Russian crude, could be hit with tariffs similar to those levied against Indian imports.
OPEC+ member nations agreed to raise oil production by 5,47,000 barrels per day for September.
Naturalgas
SELL NATURALGAS AUG @ 262 SL 268 TGT 255-252. MCX
Observations
Naturalgas trading range for the day is 251.9-277.1.
Natural gas slip as loss of weather-driven demand outweighs the boost from a below-estimate inventory build.
The U.S. Energy Information Administration said energy firms added 7 billion cubic feet of gas into storage.
Average gas output in the Lower 48 states eased to 107.8 billion cubic feet per day so far in August.
Average gas demand in the Lower 48 states, including exports, would rise from 105.8 bcfd this week to 109.6 bcfd next week.
