Buy Crude oil Jul 2022 @ 8200 SL 8060 TGT 8380-8500.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7737-8809.
Crude oil prices tumbled on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession
Permian oil output forecast to hit record high in June – EIA
U.S. oil refining capacity down in 2021 for second year –EIA
Libya’s oil production up to 800,000 barrels a day, minister says
BUY CRUDEOIL JUL 2022 @ 8200 SL 8060 TGT 8380-8500.MCX
NATURAL GAS
Natural gas trading range for the day is 504.8-559.2.
Natural gas eased on forecasts for less demand and a drop in liquefied natural gas (LNG) exports with the Texas Freeport plant shut down.
That price decline came despite record power demand in Texas and a slow slide in daily gas output.
On a daily basis, output was on track to drop to 10.3 bcfd on Wednesday, the lowest since November 2021
Average gas output in the U.S. Lower 48 states slid to 94.9 bcfd so far in June from 95.2 bcfd in May
SELL NAT GAS JUN 2022 @ 555.00 SL 575.00 TGT 525.00-510.00.MCX
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