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Published on 19/07/2019 10:22:45 AM | Source: Kedia Commodity Ltd

Sell Crudeoil Jul 2019 @ 4160 SL 4190 TGT 4110-4070.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 3670-4024.

* Crude oil dropped after official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season.

* Prices also seen under pressure on worries over a Middle East conflict have eased, oil production in the Gulf of Mexico has resumed after a storm.

* Data from the U.S. Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week.

* More than half of daily crude production in the Gulf of Mexico remained offline by Tuesday, as most oil companies were re-staffing facilities to resume production.

* SELL CRUDEOIL JUL 2019 @ 4160 SL 4190 TGT 4110-4070.MCX


Natural Gas

* Natural gas trading range for the day is 152.4-165.4.

* Natural gas eased after the release of a government report showing a near normal storage build last week allowed the market to focus on forecasts for cooler weather

* The EIA said utilities added a near normal 62 billion cubic feet (bcf) of gas to inventories during the week ended July 12.

* Meteorologists forecast hot weather will peak over the weekend with temperatures next week expected to cool to near normal levels before rising again around the start of August.

* Refinitiv projected demand in the lower 48 U.S. states would fall from 91.2 billion cubic feet per day (bcfd) this week to 90.1 bcfd next week

* BUY NAT GAS JUL 2019 @ 165.00 SL 162.00 TGT 169.00-172.00.MCX

 

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