Buy Crudeoil Jul @ 7550 SL 7450 TGT 7700-7800 MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 7550 SL 7450 TGT 7700-7800. MCX
Observations
Crudeoil trading range for the day is 7392-7908.
Crude oil rose as escalating tensions in the Middle East continued to fuel supply concerns.
President Trump pledged to intensify military operations until Iran halts attacks on vessels in the Strait.
Goldman Sachs said Brent could exceed $110 in the fourth quarter
China's June crude oil imports stood at 29.27 million metric tons, down 41.3% from a year earlier.
Natural Gas
BUY NATURALGAS JUL @ 278 SL 274 TGT 282-285. MCX
Observations
Naturalgas trading range for the day is 274.6-287.8.
Natural gas gained on short covering after process dropped on rising output and lower flows to LNG export plants.
Scheduled maintenance outages in Freeport LNG's export facility in Texas prevented gas flows from being ready for export.
Average gas production increased to 110.2 billion cubic feet per day so far in July from 110.0 in the previous month.
The ample supply contrasted with limited LNG flows for major European and Asian consumers as the Iran and US resumed blockading tankers.
