Sell NaturalGas Aug @ 264 SL 268 TGT 260-256. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL AUG @ 7800 SL 7700 TGT 7950-8050. MCX
Observations
Crudeoil trading range for the day is 7631-8043.
Crude oil gains as U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.
The International Energy Agency also warned of a deeper global supply deficit, forecasting the widest shortfall in 2026 in five years.
International Energy Agency said it expects a 1.6 million bpd contraction in consumption this year
Natural Gas
SELL NATURALGAS AUG @ 264 SL 268 TGT 260-256. MCX
Observations
Naturalgas trading range for the day is 258.8-268.8.
Natural gas edged up on forecasts for more demand than previously expected with the weather expected to remain hotter.
Average gas output rose to 111.3 bcfd so far in August, up from a monthly record high of 110.7 bcfd in July.
Projected average gas demand would slide from 115.5 bcfd this week to 113.1 bcfd next week and 111.9 bcfd in two weeks.
Gas inventories have remained in surplus despite weeks of above-normal temperatures this summer.
