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Sell Crudeoil Jun @ 6600 SL 6680 TGT 6500-6400. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6454-6684. Crude oil gains on hopes of increased demand, and tighter supply conditions later in the year. Stocks of crude oil in the United States rose by 3.730 million barrels IEA trimmed its 2024 oil demand growth forecast by 100,000 bpd to 960,000 bpd citing sluggish consumption in developed countries. Oil demand set to peak by 2029, major supply glut looms, IEA says
SELL CRUDEOIL JUN @ 6600 SL 6680 TGT 6500-6400. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 244-265.6. Natural gas dropped amid forecasts for less demand over the next two weeks than previously expected. The U.S. National Hurricane Center predicts a 20% chance of a tropical disturbance in the Gulf of Mexico becoming a cyclone in the next seven days. Gas output in Lower 48 U.S. states fell to an average of 97.8 billion cubic feet per day in June, down from 98.1 bcfd in May. Forecasts suggest mostly hotter weather across the Lower 48 states through June 26.
SELL NATURALGAS JUN @ 256 SL 262 TGT 250-245. MCX
