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Published on 19/08/2019 10:58:03 AM | Source: Kedia Commodity Ltd

Sell Crudeoil AUG 2019 @ 3970 SL 4000 TGT 3920-3880.MCX - Kedia Commodities

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

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Crude oil

* Crude oil trading range for the day is 3808-4008.

* Crude oil prices pared gains after OPEC issued a bearish outlook for the oil market this year and forecast a surplus in 2020.

* OPEC lowers 2019 global demand forecast to 1.1mbpd from 1.14mbpd, adds that oil market fundamentals seems somewhat bearish for the rest of 2019

* A Saudi official indicated more steps may be coming, saying: "Saudi Arabia is committed to do whatever it takes to keep the market balanced next year".

* Crude inventories rose by 1.6 million barrels in the week to Aug. 9, compared with expectations for a decrease of 2.8 million barrels.

* SELL CRUDEOIL AUG 2019 @ 3970 SL 4000 TGT 3920-3880.MCX

 

Natural Gas

* Natural gas trading range for the day is 151.2-161.2.

* Natural gas gained on a much smaller-than-expected weekly storage build and forecasts for hotter weather and higher cooling demand next week.

* However, upside seen limited on forecasts for less hot weather and lower cooling demand over the next two weeks than previously expected.

* Demand will slide to 87.7 bcfd during the week before the U.S. Labor Day holiday as the summer comes to an end

* The number of rigs drilling for natural gas in the United States fell by 4 this week to 165, data from oil services firm Baker Hughes showed

* BUY NAT GAS AUG 2019 @ 156.00 SL 153.00 TGT 160.00-162.00.MCX

 

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