Buy NaturalGas Jun @ 238 SL 234 TGT 244-248. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6561-6805.
Crude oil rose underpinned by an improving global demand outlook
IEA and EIA pointed to robust oil demand growth in the second half of this year.
OPEC+ members such as Russia and Iraq reaffirmed their adherence to production quotas.
Saudi Arabia also indicated a willingness to adjust output in response to market conditions.
BUY CRUDEOIL JUL @ 6650 SL 6580 TGT 6750-6850. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 229.3-249.1.
Natural gas prices rose due to extreme heat spreading across the country.
Weather models predict an exceptionally hot period from June 19 to July 2, supporting natural gas prices.
Gas output in the Lower 48 U.S. states stood at an average of 98.1 bcfd so far in June, the same as in May.
Forecast for total U.S. supply for the ongoing week were raised from 104.7 bcfd on Friday to 106.1 bcfd on Monday.
BUY NATURALGAS JUN @ 238 SL 234 TGT 244-248. MCX
