Sell CRUDEOIL JUN @ 5350 SL 5450 TGT 5250-5150. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL JUN @ 5350 SL 5450 TGT 5250-5150. MCX
Observations
Crudeoil trading range for the day is 5152-5430.
Crude oil rose as U.S. barred Chevron from exporting Venezuelan oil, tightening supply.
Canadian production shut-ins and geopolitical risks support prices despite rising global inventories.
OPEC+ expected to approve 411,000 bpd hike for July; formal talks still pending.
Goldman Sachs sees OPEC+ keeping output steady after July hike
NATURAL GAS
SELL NATURALGAS JUN @ 310 SL 316 TGT 304-298. MCX
Observations
Naturalgas trading range for the day is 289.4-335.4.
Natural gas fell on smaller output decline and reduced demand forecast for this week.
U.S. gas production dropped to 103.7 bcfd Wednesday, lowest in two months.
LNG export plant flows dropped to 15.1 bcfd in May from 16.0 bcfd in April.
Gas stockpiles remain 4% above the five-year average, adding pressure to prices.
