Buy Crudeoil Jul @ 7000 SL 6800 TGT 7200-7400 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 7000 SL 6800 TGT 7200-7400. MCX
Observations
Crudeoil trading range for the day is 6803-7241.
Crude oil dropped, the lowest level since early March, as markets reacted to the US and Iran reaching an agreement.
Early signs of progress emerged as several vessels began crossing the Strait of Hormuz again after weeks of disruption.
President Trump said an interim agreement had been signed, with plans to quickly reopen the key Persian Gulf shipping route.
Shipping activity has shown signs of recovery, with Saudi oil tankers and vessels carrying LNG and fuel leaving the Gulf region.
Natural Gas
BUY NATURALGAS JUN @ 300 SL 295 TGT 305-308. MCX
Observations
Naturalgas trading range for the day is 291.3-310.7.
Natural gas prices rose after the latest EIA report showed a slightly smaller-than-expected increase in storage.
US energy companies added 73 billion cubic feet 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.
Average gas flows to the nine major US LNG export facilities remained steady at 17.1 bcfd in June.
