Buy Crudeoil Jul @ 7900 SL 7800 TGT 8000-8100. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUL @ 7900 SL 7800 TGT 8000-8100. MCX
Observations
Crudeoil trading range for the day is 7440-8212.
Crude oil prices rose after the U.S. and Iran stepped up attacks across the Gulf.
Strait of Hormuz flows have slowed after last month's truce collapsed
Iran pressed Houthis to disrupt Red Sea shipping if U.S. hits power sites
IEA chief Fatih Birol warns that oil security risks could worsen within weeks
Natural Gas
BUY NATURALGAS JUL @ 277 SL 273 TGT 282-286. MCX
Observations
Naturalgas trading range for the day is 272-287.2.
Natural gas edged up on forecasts for more demand, including the increase in feedgas at Freeport LNG's export plant in Texas.
Storage seen 6.5% above five-year norm in week ended July 17
European and Asian gas benchmarks climb to multiweek highs near $19 to $20
Average gas output rose to 110.3 bcfd so far in July from 110.0 bcfd in June
