Sell Crudeoil Jul @ 5800 SL 5880 TGT 5720-5650. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUL @ 5800 SL 5880 TGT 5720-5650. MCX
Observations
Crudeoil trading range for the day is 5530-5898.
Crude oil rose as Iran suspended cooperation with the UN nuclear watchdog, reigniting geopolitical risks.
Markets weighed planned OPEC+ supply increases, but these appear largely priced in already.
Saudi Arabia’s oil exports jumped by 450,000 bpd in June vs May, hitting a 13-month high.
API data showed US crude inventories rose by 680,000 barrels, surprising traders during the typical summer drawdown season.
NATURALGAS
BUY NATURALGAS JUL @ 296 SL 290 TGT 304-310. MCX
Observations
Naturalgas trading range for the day is 284.5-309.3.
Natural gas prices rose as hotter mid-July forecasts are set to boost air conditioning demand.
LSEG now estimates 206 total degree days (TDDs) over the next two weeks — up sharply from 182 earlier.
Average US Lower 48 gas output climbed to 106.2 bcfd in July, up from 105.9 bcfd in June, near the March record of 106.3 bcfd.
US gas demand, including exports, is forecast at 106.1 bcfd this week, up from 103.7 bcfd last week.
