Sell Crude Oil Jun @ 5425 SL 5500 TGT 5325-5250. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL JUN @ 5425 SL 5500 TGT 5325-5250. MCX
Observations
Crudeoil trading range for the day is 5271-5549.
Crude oil settled down after U.S. data showed surprisingly large build in gasoline and diesel inventories
Wildfires in Canada temporarily disrupted about 7% of the country’s oil output
OPEC+ announced a production increase of 411K barrels per day for July, following similar hikes in May and June.
U.S. crude oil output rose to a monthly record high in March.
Natural gas
SELL NATURALGAS JUN @ 324 SL 330 TGT 316-310. MCX
Observations
Naturalgas trading range for the day is 311.9-323.5.
Natural gas dropped as demand expectations eased and LNG export flows declined.
Gas sent to the eight major US LNG export terminals averaged 13.8 bcfd so far in June.
Average gas production in the Lower 48 states fell slightly to 104.0 bcfd so far in June.
Average gas demand in the Lower 48, will rise from 95.7 bcfd this week to 98.2 bcfd next week.
