Buy Crude Oil Jul 2021 @ 5470 SL 5400 TGT 5580-5620.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5456-5706.
Crude oil edged up as tight supply and expectations of a further draw in U.S. and global crude inventories provided support.
U.S. shale oil output seen to rise 42,000 bpd in August -EIA.
China Jan-June crude imports fall, first H1 drop since 2013.
China's June crude oil imports fall to lowest in 2021.
BUY CRUDEOIL JUL 2021 @ 5470 SL 5400 TGT 5580-5620.MCX
NATURAL GAS
Natural gas trading range for the day is 270.8-282.2.
Natural gas dipped on forecasts for less hot temperatures that would reduce gas usage for air conditioning.
Although losses were capped by lower production estimates.
Data provider Refinitiv said U.S. output in the Lower 48 states slipped to 91.4 billion cubic feet per day (bcfd) so far in July.
U.S. pipeline exports to Mexico, meanwhile, averaged 6.6 bcfd so far in July, down from a record 6.8 bcfd in June.
BUY NAT GAS JUL 2021 @ 275.00 SL 270.00 TGT 280.00-284.00.MCX
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