BUY NATURALGAS JUL @ 285 SL 280 TGT 292-298. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUL @ 5650 SL 5750 TGT 5550-5450. MCX
Observations
Crudeoil trading range for the day is 5474-5724.
Crude oil steadied as investors assessed expectations that OPEC+ will announce an output hike for August.
The group is expected to raise production quotas by 411,000 bpd in August, continuing increases seen in May, June, and July.
U.S. crude oil production hit a record 13.47 mbpd in April, up from 13.45 mbpd in March.
Israel-Iran truce continues to hold, alleviating fears of a broader conflict that could disrupt crude flows from the region.
NATURALGAS
BUY NATURALGAS JUL @ 285 SL 280 TGT 292-298. MCX
Observations
Naturalgas trading range for the day is 275.1-305.1.
Natural gas fell weighed down by expectations of rising production and milder weather.
Milder temperatures reduced heating and cooling demand, allowing stronger-than-normal storage injections to continue.
US production rose to 105.9 bcfd in June, up from May but still below March’s record.
LNG export demand weakened, with flows averaging 14.4 bcfd in June, down from 15 bcfd in May.
