Buy Crudeoil Jul @ 6900 SL 6750 TGT 7150-7300. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 6900 SL 6750 TGT 7150-7300. MCX
Observations
Crudeoil trading range for the day is 6685-7531.
Crude oil fell as easing geopolitical tensions and progress in US-Iran negotiations supported recovery in supply flows.
Iranian Foreign Minister Abbas Araghchi said talks in Switzerland had made “major progress” toward stabilising the wider regional situation.
Mediators Qatar and Pakistan said both sides had agreed on a 60-day roadmap toward a potential final agreement
US crude stocks fall to its lowest since March 1985, EIA says
Natural Gas
SELL NATURALGAS JUN @ 312 SL 316 TGT 306-302. MCX
Observations
Naturalgas trading range for the day is 301.3-320.3.
Natural gas prices rose after report showed a slightly smaller-than-expected increase in storage.
US energy companies added 73 bcf of gas to inventories in the week ended June 12, below forecasts for a 75 bcf build.
Total stockpiles climbed to 2.759 trillion cubic feet, around 1% below last year’s level but 5.8% above the five-year average.
Warmer-than-normal temperatures are expected through July 3, supporting demand from power generators as air conditioning usage rises.
