Buy Crudeoil Jul @ 6800 SL 6720 TGT 6880-6940. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6692-6982.
Crude oil gains after the EIA reported a larger-than-expected decline in US crude stockpiles.
OPEC sticks to 2024 oil demand view, sees strong travel season
OPEC said world oil demand will rise by 2.25 mbpd in 2024 and by 1.85 million bpd in 2025.
US EIA lifts 2024 world oil demand growth forecast
BUY CRUDEOIL JUL @ 6800 SL 6720 TGT 6880-6940. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 188-203.2.
Natural gas eased on forecasts for less demand, recent increases in output.
Pressure also seen amid drop in the amount of gas flowing to LNG export plants after Freeport LNG in Texas shut for Hurricane Beryl.
US natgas output to decline in 2024, while demand rises to record high, EIA says
EIA projected dry gas production will ease from a record 103.8 bcfd in 2023 to 103.5 bcfd in2024
BUY NATURALGAS JUL @ 192 SL 188 TGT 197-202. MCX
