Buy Crudeoil Jul @ 7850 SL 7750 TGT 8000-8100. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL AUG @ 7850 SL 7750 TGT 8000-8100. MCX
Observations
Crudeoil trading range for the day is 7487-8389.
Crudeoil gained after US President Trump warned that Iran would be held responsible for the deaths of three US service members
Caspian Pipeline Consortium said crude shipments were suspended again after a tanker was attacked again on July 20, following a brief resumption.
China's refined oil product exports in June dropped 18.3% from a year earlier, customs data showed, curbed by fuel export restrictions.
Stocks of crude oil in the U.S. SPR fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983
Natural Gas
BUY NATURALGAS JUL @ 272 SL 268 TGT 276-279. MCX
Observations
Naturalgas trading range for the day is 269.9-282.3.
Natural gas fell as ample domestic supply shielded the US from the export pressures from the Middle East.
41 billion cubic feet of gas were added to domestic storages in the week to July 10th to extend recent builds that were sharply higher than expected.
Average gas production in the Lower 48 states increased to 110.2 bcf per day so far in July from 110.0 in the prior month.
Speculators in four major natural-gas markets on NYMEX and ICE were net short 50,296 contracts, a reduction of 57,662 contracts from the prior week – CFTC
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