Buy Crude Oil Jul @ 6400 SL 6300 TGT 6500-6600 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6400 SL 6300 TGT 6500-6600. MCX
Observations
Crudeoil trading range for the day is 6408-6708.
Crude oil fell as traders assessed ongoing US–Iran peace negotiations and a gradual recovery in shipping through the Strait of Hormuz.
Iranian exports surged past 40 million barrels following the removal of a US naval blockade
US crude oil inventories fell by 6.072 million barrels, following a draw of 765,000 barrels in the previous week - API
US crude production rose to 13.819 mbpd, up from 13.806 million barrels per day in the prior week.
Natural Gas
BUY NATURALGAS JUL @ 302 SL 297 TGT 308-312. MCX
Observations
Naturalgas trading range for the day is 301.4-314.6.
Natural gas fell as ample supplies kept pressure on the market despite forecasts for hotter weather in the coming weeks.
Average gas output in the U.S. Lower 48 states held at 110 billion cubic feet per day so far in June, slightly higher than May.
EIA said last week that energy firms added a near-normal 76 billion cubic feet (bcf) of gas into storage.
Average gas demand in the Lower 48 states, would rise from 105.8 bcfd this week to 109.2 bcfd next week.
