Buy Crudeoil Jul @ 7350 SL 7200 TGT 7500-7600 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 7350 SL 7200 TGT 7500-7600. MCX
Observations
Crudeoil trading range for the day is 6779-7717.
Crude oil prices jumped as Iran expanded strikes on Gulf states following attacks by the United States.
Global oil supply rose by 4.1 million barrels per day in June, but remained 9.4 million bpd below pre-war levels – IEA
Global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war – EIA
Money managers cut their net long U.S. crude futures and options positions by 19,507 contracts to 65,681 – CFTC
Natural Gas
BUY NATURALGAS JUL @ 275 SL 270 TGT 280-284. MCX
Observations
Naturalgas trading range for the day is 269.9-285.1.
Natural gas dropped amid expectations of reduced gas flows to LNG export facilities, and comfortable supply conditions.
Forecasts shifted toward cooler temperatures in the coming weeks, likely curbing demand for gas-fired power generation.
Freeport LNG deliveries fell as the exporter began a major maintenance turnaround.
Speculators in natural gas across the four NYMEX and ICE markets reduced their net long positions by 1,597 contracts to 7,366 contracts.
