Sell Crude Oil AUG @ 8050 SL 8150 TGT 7900-7750. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL AUG @ 8050 SL 8150 TGT 7900-7750. MCX
Observations
Crudeoil trading range for the day is 7539-8553.
Crude oil prices rose as reports that some tankers were forced to turn around in the Strait of Hormuz.
Iran's Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course.
Talks between Iran and Oman on managing the Strait of Hormuz continue, according to the Iranian Labour News Agency.
Crude inventories, fell by 7.2 million barrels to 404.5 million barrels, the lowest level since 2018.
NATURAL GAS
BUY NATURALGAS AUG @ 260 SL 256 TGT 264-268. MCX
Observations
Naturalgas trading range for the day is 255.8-272.2.
Natural gas dropped as output to reach a record high, lower flows to LNG export plants and ample amounts of gas in storage.
Average gas output rose to 110.7 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June.
Near-record output and mild spring weather have allowed energy firms to keep the amount of gas in inventory higher.
Average gas demand would rise from 111.8 bcfd this week to 112.2 bcfd next week and 112.8 bcfd in two weeks.
