Sell Crudeoil Jul @ 5920 SL 6000 TGT 5820-5720. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUL @ 5920 SL 6000 TGT 5820-5720. MCX
Observations
Crudeoil trading range for the day is 5765-5967.
Crude oil dropped OPEC+ is set to raise output again in September
However downside seen limited following attacks on shipping in the Red Sea and a forecast for lower U.S. oil production.
US oil output forecast cut for 2025 as low prices slow producer activity
UAE says oil markets are absorbing more barrels without stocks rising
NATURAL GAS
BUY NATURALGAS JUL @ 270 SL 265 TGT 275-280. MCX
Observations
Naturalgas trading range for the day is 260.6-293.4.
Natural gas fell amid an increase in output so far this month.
Another factor weighing on prices has been the growing surplus of gas in storage over the five-year normal level.
Gas stockpiles were already about 6% above normal levels for this time of year.
Average gas output in the Lower 48 U.S. states rose to 106.7 billion cubic feet per day (bcfd) so far in July
