Buy Crude Oil JUL @ 6500 SL 6350 TGT 6700-6800. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL JUL @ 6500 SL 6350 TGT 6700-6800. MCX
Observations
Crudeoil trading range for the day is 6396-6780.
Crude oil prices plunged as more oil tankers exited the Strait of Hormuz, easing supply concerns.
Iraq warns it might leave OPEC if oil quota not raised
UBS cut its Brent oil price forecasts, lowering its targets to $85 per barrel for the end of September and December
Saudi Arabia may cut August oil prices sharply for Asia as supply improves
NATURAL GAS
SELL NATURALGAS JUL @ 315 SL 320 TGT 310-305. MCX
Observations
Naturalgas trading range for the day is 305.1-323.3.
Natural gas rose supported by increased flows to LNG export plants and forecasts for hotter weather in coming weeks.
Average gas output in the U.S. Lower 48 states held at 109.7 billion cubic feet per day so far in June.
The U.S. EIA said energy firms added a near-normal 76 bcf of gas into storage.
Meteorologists forecast the weather will remain mostly warmer than normal through July 11
