Buy Crude Oil @ 8400 SL 8300 TGT 8500-8600. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL AUG @ 8400 SL 8300 TGT 8500-8600. MCX
Observations
Crudeoil trading range for the day is 8048-8758.
Crude oil rose on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities.
While global oil stockpiles have drawn amid the conflict, the latest U.S. data is showing some building of inventories.
Data from the American Petroleum Institute showed that U.S. crude and distillate inventories rose last week, while gasoline stockpiles fell.
IEA said around 290 million barrels of oil have been released by its member countries since the announcement on March 11.
Natural Gas
BUY NATURALGAS JUL @ 280 SL 276 TGT 284-288. MCX
Observations
Naturalgas trading range for the day is 274.8-288.
Natural gas rose supported by summer cooling demand and gains in oil prices
Gas inventories were 6.4% above their five-year seasonal average as of July 10, signaling comfortable supply conditions.
Average gas output in the Lower 48 states rose to 110.5 bcfd so far in July from 110.0 bcfd in June.
Gas flows to major LNG export terminals declined to 17.3 bcfd in July so far from 17.4 bcfd in June, partly due to scheduled maintenance
