IGI Logo

Crudeoil

Observations

Crudeoil trading range for the day is 6146-6422. Crude oil gains as support from growing expectations of an interest rate cut from Fed in September. OPEC's head rejects criticism over oil deal, saying demand is good. US buys 3 million barrels of oil for Strategic Petroleum Reserve U.S. crude stocks jumped by 1.2 million barrels in the week to May 31 – EIA

BUY CRUDEOIL JUN @ 6250 SL 6150 TGT 6350-6450. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 221.7-246.5. Natural gas climbed on a recent drop in daily output and forecasts for hotter weather. Additionally, gas flow to LNG export facilities has been on the rise. US utilities added 98 billion cubic feet of gas into storage Gas output in the Lower 48 U.S. states has slipped to an average of 98.0 billion cubic feet per day (bcfd) so far in June

BUY NATURALGAS JUN @ 230 SL 225 TGT 235-240. MCX