Sell NaturalGas Sep @ 280 SL 284 TGT 276-272. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL SEP @ 7900 SL 8000 TGT 7800-7700. MCX
Observations
Crudeoil trading range for the day is 7460-8180.
Crude oil gains as investors monitored talks between Iran and Oman and a smaller-than-expected rise in U.S. crude stocks.
Washington’s latest measures to intensify economic pressure on Iran proved less aggressive than markets had expected.
US crude oil inventories rose by 4.2 million barrels, well above market expectations for a 1.9 million-barrel increase – API
Commercial crude inventories excluding the SPR have declined by just over 45 million barrels over the past 19 weeks.
Natural Gas
SELL NATURALGAS SEP @ 280 SL 284 TGT 276-272. MCX
Observations
Naturalgas trading range for the day is 267.1-285.7.
Natural gas edged higher supported by summer cooling demand and expectations for a smaller-than-normal storage build.
However, price gains were capped by strong domestic production, which added to oversupply concerns.
Average gas output has reached 111.5 bcfd so far in August, up from a monthly record high of 110.7 bcfd in
Average gas demand, including exports, would slip slightly from 111.6 bcfd this week to 111.3 bcfd next week.
