Buy Crudeoil Jun @ 5520 SL 5440 TGT 5600-5680. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUN @ 5520 SL 5440 TGT 5600-5680. MCX
Observations
Crudeoil trading range for the day is 5456-5648.
Crude oil gains amid renewed optimism over US-China negotiations, could ease pressures on oil demand.
OPEC oil output rose in May by less than the volume planned, as Iraq made further cuts
China's crude oil imports fell in May to their lowest daily rate in four months
The number of rigs drilling for natural gas in the United States rose by 5 in week to 114
Naturalgas
BUY NATURALGAS JUN @ 308 SL 304 TGT 312-316. MCX
Observations
Naturalgas trading range for the day is 298.7-328.3.
Natural gas fell following a drop in European gas prices as storage levels surpassed 50% capacity.
Lower 48 states' output averaged 104.0 bcfd in June, down from recent months.
EIA reported a 122 bcf storage build, surpassing 111 bcf expectations.
U.S. gas inventories now stand 4.7% above the five-year seasonal average.
