Buy Crudeoil Jul @ 7550 SL 7400 TGT 7750-7850. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 7550 SL 7400 TGT 7750-7850. MCX
Observations
Crudeoil trading range for the day is 7288-7980.
Crude oil rose after U.S. reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns.
UAE said two of its tankers were struck while transiting the waterway, highlighting growing risks.
Crude stocks in US strategic reserve fall 3 million barrels to lowest level since 1983
China's June crude oil imports stood at 29.27 million metric tons, down 41.3% from a year earlier, according to customs data.
Natural Gas
BUY NATURALGAS JUL @ 278 SL 274 TGT 282-285. MCX
Observations
Naturalgas trading range for the day is 272.8-284.
Natural gas recovered on low level buying after prices dropped on rising output and decline in flows to LNG export plants
Freeport LNG cut flows for planned work from July 10 to late August
Market estimates showed inventories were expected to remain around 6.6% above the five-year average.
The latest EIA data showed US gas stocks were already 6.6% above the seasonal average.
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