Buy Crudeoil Aug @ 5650 SL 5550 TGT 5750-5850. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL AUG @ 5650 SL 5550 TGT 5750-5850. MCX
Observations
Crudeoil trading range for the day is 5603-5781.
Crude oil prices rose on optimism over US-EU trade talks easing global economic pressure and uncertainty.
Oil prices gained support from Azeri crude export suspension at Ceyhan and a brief Russian port halt.
EIA data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels.
OPEC forecasts global oil demand growth of 1.29 million bpd in 2025, mainly outside OECD countries.
NATURALGAS
BUY NATURALGAS JUL @ 262 SL 257 TGT 268-272. MCX
Observations
Naturalgas trading range for the day is 259.6-277.4.
Natural gas pares gains on milder summer heat forecast, steady production
Extreme heat is expected to boost gas-fired power generation to meet strong air conditioning demand.
LSEG reported average Lower 48 gas output rose to 107.3 bcfd in July, topping June’s record.
Output had hit a daily all-time high of 108.5 bcfd on July 18, LSEG data shows.
