Sell Crudeoil Jul @ 5700 SL 5780 TGT 5620-5550. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUL @ 5700 SL 5780 TGT 5620-5550. MCX
Observations
Crudeoil trading range for the day is 5611-5775.
Crude oil fell on expectations OPEC+ will raise output at upcoming meetings.
OPEC+ speeds up oil output hikes, adds 548,000 bpd in August
OPEC output rose 270,000 bpd in June, led by Saudi Arabia’s larger production increase.
Barclays raises Brent forecast to $72 per barrel for 2025
NATURAL GAS
SELL NATURALGAS JUL @ 292 SL 297 TGT 286-282. MCX
Observations
Naturalgas trading range for the day is 285.5-296.5.
Natural gas fell after EIA data showed the 11th straight week of above-average storage injections.
US storage rose by 55 bcf last week, beating expectations but below five-year average.
Meanwhile, hotter mid-July forecasts are expected to drive up air-conditioning demand and gas-fired power usage.
LNG export activity is also picking up, with average flows to the eight major US LNG plants rising to 15.4 bcfd in early July
