Buy Crudeoil Jul @ 6800 SL 6700 TGT 6900-7000 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6800 SL 6700 TGT 6900-7000. MCX
Observations
Crudeoil trading range for the day is 6638-7252.
Crude oil dropped on profit booking after prices gained after the US military confirmed it had carried out strikes on Iran.
US crude oil inventories increased by 2.998 mbls to 411.3 mbls, marking the first rise after ten consecutive weeks of declines.
Oil tanker traffic through Hormuz at near standstill as attacks strain Iran truce
HSBC cuts Brent crude oil forecast to $80/bbl for 2026
Natural Gas
BUY NATURALGAS JUL @ 285 SL 280 TGT 290-295. MCX
Observations
Naturalgas trading range for the day is 271.8-317.8.
Natural gas slid on expectations the amount of gas in storage will remain higher than normal for weeks to come.
Gas inventories were projected at 6.2% above normal for the week ended July 3
Hotter-than-normal weather through July 23 should boost gas burn for air-conditioning
Spring's mild weather let utilities build unusually large stockpiles before summer heat arrived
