Sell Crudeoil Jul @ 5840 SL 5940 TGT 5740-5640. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL JUL @ 5840 SL 5940 TGT 5740-5640. MCX
Observations
Crudeoil trading range for the day is 5693-5983.
Crude oil prices rose as the EU approved its 18th sanctions package targeting Russia’s oil industry.
Drone attacks in Iraq’s Kurdistan region disrupted up to 150,000 barrels per day of oil output.
Seasonal summer travel demand supports global oil consumption, averaging 105.2 mbpd in July.
US crude oil inventories fell sharply last week, further boosting near-term bullish sentiment for oil prices.
Naturalgas
SELL NATURALGAS JUL @ 306 SL 310 TGT 300-296. MCX
Observations
Naturalgas trading range for the day is 296-315.8.
Natural gas dropped amid ample amounts of gas in storage and record output.
Record production should help energy firms keep storage injections above normal in the coming weeks.
US gas stockpiles are currently about 6% higher than the five-year seasonal average for mid-July.
Meteorologists expect mostly hotter-than-normal weather in the Lower 48 states through at least August 2.
