Buy NaturalGas Jun @ 216 SL 212 TGT 222-226. MCX - Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 5992-6536.
Crude oil inches lower as investors weigh up extended OPEC+ supply cuts
OPEC+ extends deep oil production cuts into 2025
OPEC expects demand for OPEC+ crude to average 43.65 million bpd in the second half of 2024
IEA estimates that demand for OPEC+ oil plus stocks will average much lower levels of 41.9 million bpd in 2024.
SELL CRUDEOIL JUN @ 6200 SL 6270 TGT 6130-6060. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 210.5-240.3.
Natural gas prices eased due to forecasts for less demand over the next two weeks.
Oversupply of gas in U.S. storage also contributed to price decline.
Gas output in Lower 48 states rose to an average of 98.1 billion cubic feet per day in June, similar to May.
Meteorologists projected warmer weather across Lower 48 states through June 19 except for near-normal days from June 9-11.
BUY NATURALGAS JUN @ 216 SL 212 TGT 222-226. MCX
