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 6446-6688.
Crude oil gains after the U.S. and Iran expressed contradictory remarks over the management of the Strait of Hormuz.
Kuwait's oil production rose sharply to 1.65 million barrels per day in June, from 580,000 bpd in May.
Saudi Aramco shifts to spot sales in Asia
Brent spread contango signals fading shortage concerns
Natural Gas
SELL NATURALGAS JUL @ 312 SL 316 TGT 308-304. MCX
Observations
Naturalgas trading range for the day is 302.1-316.1.
Natural gas climbed on rising flows to LNG export plants and forecasts for record power demand in some parts of the country.
Energy firms injected a larger-than-expected 87 billion cubic feet of gas into storage - EIA
Meteorologists forecast warmer-than-normal temperatures nationwide through July 16.
Average gas output in the U.S. Lower 48 states fell to 109.6 bcfd so far in July, down from 110 bcfd in June.
