Buy Crudeoil Jul @ 6800 SL 6700 TGT 7000-7150 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6800 SL 6700 TGT 7000-7150. MCX
Observations
Crudeoil trading range for the day is 6640-7078.
Crude oil declined as efforts by third-party mediators to bring the U.S. and Iran back to the negotiating table intensify.
Prices pared gains after report said that Qatari negotiators are in Iran to meet Iranian officials.
US – Iran escalation could threaten 2027 oil market surplus, IEA says
IEA's Russian oil output forecasts cut after Ukraine attacks
Natural Gas
BUY NATURALGAS JUL @ 275 SL 270 TGT 280-284. MCX
Observations
Naturalgas trading range for the day is 267.5-295.3.
Natural gas dropped amid the prospect of lower gas flows to LNG export facilities as well as data pointing to ample domestic supply.
Freeport LNG said that maintenance work at its pre-treatment and liquefaction facilities would begin on July 10.
EIA reported that energy firms injected 61 Bcf of natural gas into storage for the week ended July 3.
Forecasts for above-normal temperatures through July 23 are expected to keep gas demand from power generators elevated.
