Crude oil trading range for the day is 8585-8973 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 8585-8973.
Crude oil prices rose after UAE’s energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market
Libya's NOC said it might have to declare force majeure in the Gulf of Sirte area within the next three days unless production and shipping resume at oil terminals there.
China issues second batch of crude oil import quotas for private refiners
Ecuador's Energy Ministry said the country could suspend oil output completely within the next two days amid anti-government protests.
SELL CRUDEOIL JUL 2022 @ 8950 SL 9100 TGT 8750-8600.MCX
NATURAL GAS
Natural gas trading range for the day is 500.2-550.6.
Natural gas edged up on a preliminary drop in daily output and forecasts for hotter weather over the next two weeks.
That increase also came on the last day of trade for the July futures contract, which is often a volatile day since trade volume is extremely low.
The Freeport shutdown on June 8 should allow U.S. utilities to quickly rebuild low gas stockpiles for next winter.
EIA said utilities added 74 billion cubic feet (bcf) of gas to storage during the week ended June 17.
SELL NAT GAS JUL 2022 @ 550.00 SL 570.00 TGT 520.00-500.00.MCX
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