Sell Crudeoil Jul 2022 @ 8800 SL 8950 TGT 8600-8500.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 8208-8894.
Crude oil rose as Libya's national oil company said it might have to halt exports in the Gulf of Sirte area within 72 hours amid unrest that has restricted production.
OPEC+ trims 2022 market surplus projection to 1 mln bpd
Global surplus crude production dives in May, Russian oil cited – U.S. EIA
CFTC speculator group cut its combined futures and options position in New York and London by 34,690 contracts to 224,666 during the period.
SELL CRUDEOIL JUL 2022 @ 8800 SL 8950 TGT 8600-8500.MCX
NATURAL GAS
Natural gas trading range for the day is 465.6-537.8.
Natural gas gained as support seen after national demand will increase late in the week as the interior US warms into the 80s and 90s
However, upside seen limited on rising output and reduced demand expectations over the next two weeks.
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 @ 525.00 SL 545.00 TGT 500.00-480.00.MCX
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