Buy Crude Oil JUL @ 6550 SL 6400 TGT 6750-6900. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6550 SL 6400 TGT 6750-6900. MCX
Observations
Crudeoil trading range for the day is 6480-6862.
Crude oil dropped amid a surge in supply as traffic accelerated through the Strait of Hormuz
US SPR crude inventories dropped by 5.5 million barrels to 325.7 million, marking the lowest level since May 1983.
Morgan Stanley lowered its third-quarter 2026 forecast and fourth-quarter 2026 view to $75 per barrel from earlier estimates of $90 and $80.
US crude oil inventories fell by 6.088 mln barrels to 412.1 mln barrels, more than market expectations for a 4.5 million-barrel draw.
Natural Gas
SELL NATURALGAS JUL @ 312 SL 316 TGT 308-302. MCX
Observations
Naturalgas trading range for the day is 293.7-324.5.
Natural gas rose driven by increased flows to liquefied natural gas export plants and projections for record-breaking power demand.
A severe heat wave is sweeping across the country, forcing residents to heavily rely on air conditioning.
With meteorologists predicting above-normal heat through mid-July, gas-fired plants, are expected to burn significantly more fuel.
Average gas flows to major export facilities increased to 17.4 billion cubic feet per day in June.
