Buy Crudeoil Aug @ 8100 SL 8000 TGT 8250-8350. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL AUG @ 8100 SL 8000 TGT 8250-8350. MCX
Observations
Crudeoil trading range for the day is 7715-8435.
Crude oil edged higher amid fresh attacks exchanged by the U.S. and Iran as well as threats of a naval blockade of Saudi Arabia by Yemen's Houthis.
IEA said around 290 million barrels of oil have been released by its member countries since the announcement on March 11.
Goldman Sachs said that Brent crude could top $120 a barrel in the fourth quarter this year and average $100 a barrel next year
Oil stocks in US Strategic Petroleum Reserve fall by 5.1 million barrels to lowest level since 1983
Natural Gas
BUY NATURALGAS JUL @ 275 SL 271 TGT 279-283. MCX
Observations
Naturalgas trading range for the day is 272.2-280.2.
Natural gas gained on short covering after prices dropped on rising output, a decline in LNG export flows
Average gas output rose to 110.5 bcfd so far in July, up from 110.0 bcfd in June.
Tropical Storm Bertha could hit Louisiana near Venture Global's Plaquemines LNG plant on Wednesday
Plaquemines feedgas climbed to 3.8 bcfd Tuesday from 3.6 bcfd Monday, despite storm
