Sell Crude oil Jul 2022 @ 7950 SL 8100 TGT 7700-7600.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7066-9106.
Crude oil dropped as concerns that a global recession might hurt energy demand more than offset persistent supply-side issues.
Citi warns oil may collapse to US$65 by the year-end on recession
OPEC+ must produce more oil, says UK PM Johnson
Norwegian offshore workers began a strike that is expected to cut around 130,000 barrels or 6.5% of the country’s daily oil production.
SELL CRUDEOIL JUL 2022 @ 7950 SL 8100 TGT 7700-7600.MCX
NATURAL GAS
Natural gas trading range for the day is 402-479.4.
Natural gas fell as a slightly cooler shift to near term weather forecasts added to headwinds from a prolonged shutdown of Freeport LNG export plant.
Gas output in the U.S. Lower 48 states held at a preliminary 95.1 bcfd on the first day of July, the same as the average for June.
The U.S. EIA said utilities added 82 bcf of gas to storage during the week ended June 24.
U.S. pipeline safety regulators said they found unsafe conditions at Freeport and will not allow the plant to restart until an outside analysis is complete.
BUY NAT GAS JUL 2022 @ 420.00 SL 400.00 TGT 460.00-480.00.MCX
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