Buy Naturalgas Jun @ 222 SL 217 TGT 228-232. MCX - Kedia Advisory
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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 @ 6240 SL 6320 TGT 6150-5980. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 210.5-240.3.
Natural gas gains due to forecasts for increased demand and increased gas flow to LNG export plants.
Gas output in Lower 48 U.S. states fell to an average of 97.8 billion cubic feet per day in May, down from 98.2 bcfd in April.
Daily output has increased by about 1.4 bcfd since a 15-week low of 96.3 bcfd on May 1.
Meteorologists projected warmer weather across Lower 48 states through June 15.
BUY NATURALGAS JUN @ 222 SL 217 TGT 228-232. MCX
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