Buy Naturalgas Jun @ 242 SL 237 TGT 249-254. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6240-6412.
Crude oil dropped after an unexpected announcement by OPEC+ to return some supply this year.
U.S. jobs data dampens hope for near term rate cut
China's May crude oil imports fall on weak refining margins
OPEC+ may adjust output, Saudi energy minister indicates
BUY CRUDEOIL JUN @ 6250 SL 6150 TGT 6350-6450. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 228.1-257.1.
Natural gas climbed on a recent drop in daily output and forecasts for hotter weather.
Additionally, gas flow to LNG export facilities has been on the rise.
US utilities added 98 billion cubic feet of gas into storage
Gas output in the Lower 48 U.S. states has slipped to an average of 98.0 billion cubic feet per day (bcfd) so far in June
BUY NATURALGAS JUN @ 242 SL 237 TGT 249-254. MCX
