Buy Crudeoil Jul @ 6850 SL 6700 TGT 7050-7150. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6850 SL 6700 TGT 7050-7150. MCX
Observations
Crudeoil trading range for the day is 6825-7119.
Crude oil dropped as traders monitored advancements toward resolving the conflict with Iran.
Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz.
US crude stocks fall to its lowest since March 1985, EIA says
Iraq's southern crude output rises by about 500,000 bpd to 1.5 million bpd
Natural Gas
SELL NATURALGAS JUN @ 304 SL 308 TGT 300-296. MCX
Observations
Naturalgas trading range for the day is 290.3-314.7.
Natural gas eased on ample amounts of gas in storage and forecasts for less demand over the next two weeks.
LSEG cut its two-week Lower 48 demand forecasts from Monday's outlook
Inventories expected stayed 5.8% above the five-year average in the week ended June 19
Average feedgas to nine big U.S. LNG plants rose to 17.2 bcfd in June
