Buy Crudeoil Jun @ 8850 SL 8650 TGT 9050-9150. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUN @ 8850 SL 8650 TGT 9050-9150. MCX
Observations
Crudeoil trading range for the day is 8465-9219.
Crude oil gained as IEA sees possibility of critically low stockpiles ahead of peak summer demand
US crude exports hit record high in May as Iran war tightens global oil supplies
China is expected to tap deeper into its record crude oil inventories as refiners cut imports further
Strategic Petroleum Reserve releases support exports amid global supply disruptions
Natural Gas
BUY NATURALGAS JUN @ 298 SL 294 TGT 304-308. MCX
Observations
Naturalgas trading range for the day is 291.1-313.7.
Natural gas dropped LNG export plant flows hit four-month low due to spring maintenance
Average gas output in the U.S. Lower 48 states fell to 108.8 bcfd so far in June, down from 109.7 bcfd in May
Mild weather and output declines impact storage surplus, seen at 5.9% above normal
Warmer June forecast expected to boost gas demand for power generation
