Buy Naturalgas Jul @ 195 SL 192 TGT 200-204. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6901-7089.
Crude oil gains supported by a significant drop in US inventories reported last week and an optimistic US fuel demand forecast.
US crude oil inventories fell by 12.157 million barrels in the week ending June 28, 2024.
Gasoline stocks decreased by 2.214 million, exceeding the forecast of a 1 million draw.
Distillate stockpiles, including diesel and heating oil, decreased by 1.535 million barrels
BUY CRUDEOIL JUL @ 6960 SL 6860 TGT 7060-7140. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 190.6-208.2.
Natural gas eased on a rise in output so far in July and the oversupply of gas still in storage.
Gas stockpiles were now about 19% above normal for this time of year.
Despite this, prices remained near a seven-week low due to increased production and oversupply
LNG export plant flows are slightly lower in July when compared with June, mainly due to reduced feedgas at Cheniere Energy's Sabine Pass.
BUY NATURALGAS JUL @ 195 SL 192 TGT 200-204. MCX
