Buy Crude Oil Jul @ 6500 SL 6350 TGT 6650-6750 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6500 SL 6350 TGT 6650-6750. MCX
Observations
Crudeoil trading range for the day is 6381-6629.
Crude oil prices gained after the U.S. and Iran expressed contradictory remarks over the management of Hormuz.
US data showed total domestic oil stockpiles fell to their lowest levels since March 2025 after twelve consecutive weeks of drawdowns.
U.S. energy firms pulled 5.5 mln bbls of crude oil from SPR, reducing the total amount of oil in the SPR to 325.7 mln bbls, the lowest since May 1983.
UBS cut its Brent crude forecasts to $80 a barrel for end-September and end-December
Natural Gas
BUY NATURALGAS JUL @ 302 SL 297 TGT 308-312. MCX
Observations
Naturalgas trading range for the day is 299.8-310.
Natural gas fell as ample supplies, lower oil prices and a milder weather outlook weighed on the market.
Meanwhile, meteorologists forecast warmer than normal temperatures nationwide through July 16.
Average gas output fell to 109.6 bcfd so far in July, down from 110 bcfd in June.
Average gas demand, would rise from 105.8 bcfd this week to 109.6 bcfd next week.
