Sell Crude oil Jul 2022 @ 8600 SL 8750 TGT 8400-8250.MCX - Kedia Advisory
CRUDEOIL
Crude oil trading range for the day is 8289-8635.
Crude oil gained as the focus returned to tight supply of crude and fuel products versus concerns about a recession hitting demand down the track.
Libya oil output rises to about 700,000 bpd, minister says
Iraq seeks to raise oil production to 8 mn bpd by 2027
China's May Russian oil imports hit record, up 55% on year
SELL CRUDEOIL JUL 2022 @ 8600 SL 8750 TGT 8400-8250.MCX
NATURAL GAS
Natural gas trading range for the day is 505.2-546.8.
Natural gas slid on forecasts for lower demand and expectations the shutdown of Freeport LNG export plant would allow utilities to quickly rebuild.
That price decline came despite record power demand in Texas, forecasts for much higher U.S. gas demand in two weeks as the weather turns hotter
Average gas output in the U.S. Lower 48 states slid to 94.8 bcfd so far in June from 95.2 bcfd in May.
The Freeport restart could take 90 days rather than the initial three-week estimate
SELL NAT GAS JUN 2022 @ 555.00 SL 575.00 TGT 525.00-510.00.MCX
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