Buy Croudeoil Jul 2023 @ 6150 SL 6050 TGT 6250-6320. MCX - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6110-6290
Crude oil rose as investors welcomed signs of cooling inflation in US.
US crude oil inventories rose by 5.946 million barrels in the week to July 7th
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.605 million barrels, the most in 15 weeks.
Gasoline stocks edged down by 3 thousand barrels, below expectations of a 727 thousand-barrel draw.
BUY CRUDEOIL Jul 2023 @ 6150 SL 6050 TGT 6250-6320. MCX
Natural Gas
Observations
Naturalgas trading range for the day is 209.5-230.5
Natural gas slid as maintenance work limits the flowing to LNG export plants.
However, downside seen limited amid daily drop in output and forecasts for hotter-than-normal weather to continue through late July
Average gas output in the U.S. Lower 48 states has risen to 102.0 billion cubic feet per day (bcfd) so far in July
Meteorologists forecast the weather in the Lower 48 states would remain hotter than normal through at least July 26.
BUY NAT GAS Jul 2023 @ 214 SL 208 TGT 222-226. NCDEX
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