Buy Crudeoil Jun @ 6480 SL 6380 TGT 6580-6680. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6421-6605.
Crude oil gains buoyed by hopes of rising fuel demand this summer
OPEC sticks to 2024 oil demand growth forecast, but trims Q1 view
OPEC predicts a rise in world oil demand by 2.25 million barrels per day in 2024 and 1.85 million bpd in 2025.
OPEC reports steady global economic growth in the first half of 2024, with oil demand expected to rise by 2.3 million bpd in the second half.
BUY CRUDEOIL JUN @ 6480 SL 6380 TGT 6580-6680. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 245.6-263.2.
Natural gas prices surged due to a drop in output and forecasts for hotter weather.
The U.S. National Hurricane Center predicts a 20% chance of a tropical disturbance in the Gulf of Mexico becoming a cyclone in the next seven days.
Gas output in Lower 48 U.S. states fell to an average of 97.8 billion cubic feet per day in June, down from 98.1 bcfd in May. Forecasts suggest mostly hotter weather across the Lower 48 states through June 26.
BUY NATURALGAS JUN @ 252 SL 247 TGT 258-262. MCX
