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Buy Crudeoil Jul @ 6850 SL 6750 TGT 6950-7050. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6811-7027.
Crude oil rose driven by positive market sentiment following a lower-than-expected inflation print for the US.
Additionally, signs of strong summer demand are supporting oil prices.
China June crude oil imports fall 11% on year, H1 imports down 2.3%
Global oil demand growth will slow to just under a mbpd this year and next – IEA
BUY CRUDEOIL JUL @ 6850 SL 6750 TGT 6950-7050. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 185.4-201.8.
Natural gas rose helped by forecasts for warmer than usual weather over the next two weeks.
Natural gas production is expected to decline in 2024, while demand is expected to reach a record high.
EIA predicts dry gas production to ease from 103.8 billion cubic feet per day in 2023 to 103.5 billion in 2024.
Gas output in the Lower 48 has risen to an average of 102.1 billion cubic feet per day in July.
BUY NATURALGAS JUL @ 193 SL 188 TGT 199-202. MCX
