Buy NaturalGas Jul @ 182 SL 178 TGT 187-190. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6776-6930.
Crude oil dropped as downward pressure from concern about demand in China.
Additionally, signs of strong summer demand limiting the downside.
China June crude oil imports fall 11% on year, H1 imports down 2.3%
Global oil demand growth will slow to just under a mbpd this year and next – IEA
SELL CRUDEOIL JUL @ 6880 SL 6980 TGT 6780-6680. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 180.6-194.2.
Natural gas fell on forecasts for less hot weather and lower demand over the next two weeks.
Speculators last week cut their net long positions for a third week in a row to their lowest since early May
U.S. output hit a monthly record high of 105.5 bcfd in December 2023.
Meteorologists projected weather across the Lower 48 states would remain mostly hotter than normal through at least July 30
BUY NATURALGAS JUL @ 182 SL 178 TGT 187-190. MCX
