Buy Crudeoil Jul @ 6850 SL 6750 TGT 6950-7050. MCX - Kedia Advisory
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Crudeoil
Observations
BUY CRUDEOIL JUL @ 6850 SL 6750 TGT 6950-7050. MCX
Crudeoil trading range for the day is 6788-6966.
Crude oil prices rose as hopes rose for rate cuts in US after data showed a slowdown in inflation.
Global oil demand growth will slow to just under a mbpd this year and next – IEA
Global demand in the second quarter rose by 710,000 bpd year on year in its lowest quarterly increase in over a year - IEA
US EIA lifts 2024 world oil demand growth forecast CRUDEOIL AUG-JUL -88.00
BUY CRUDEOIL JUL @ 6850 SL 6750 TGT 6950-7050. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 185.3-198.9.
Natural gas dropped due to a larger-than-expected storage build reported by the EIA.
Pressure also seen driven by increased output, decreased gas flow to LNG export plants.
US utilities added 65 billion cubic feet of gas into storage, 2024
Meteorologists forecast continued above-average temperatures across the Lower 48 states until at least July 25.
BUY NATURALGAS JUL @ 188 SL 185 TGT 193-197. MCX
