IGI Logo

Crudeoil

SELL CRUDEOIL JUN @ 5640 SL 5740 TGT 5540-5440. MCX

Observations

Crudeoil trading range for the day is 5517-5701.

Crude oil gains buoyed by U.S.-China trade talks and a dip in Saudi Arabian crude supply to China.

Saudi crude supply to China set to drop by 1 million barrels in July.

OPEC+ plans July output hike of 411,000 bpd amid gradual supply recovery.

OPEC's May output rise was limited, with Iraq producing below its target.

Naturalgas

BUY NATURALGAS JUN @ 300 SL 294 TGT 308-314. MCX

Observations

Naturalgas trading range for the day is 293.6-317.6.

Natural gas prices fell as LNG export plant maintenance cut feedgas demand.

LNG feedgas demand dropped to 13.8 bcfd in June from 15.0 bcfd in May.

Key facilities like Sabine Pass and Freeport LNG faced outages due to maintenance.

Storage levels remain 5% above average amid steady production and strong injections.