Sell Crudeoil Jun @ 8600 SL 8800 TGT 8400-8200. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL JUN @ 8600 SL 8800 TGT 8400-8200. MCX
Observations
Crudeoil trading range for the day is 8124-9106.
Crude oil dropped after reports claimed that the U.S. and Iran have reached an agreement for a 60-day ceasefire extension
Oil market could hit 'red zone' in July – August, IEA chief says
Crude oil stockpiles fell by 2.8 million barrels, the sixth straight week of declines - API
Two supertankers exit Strait, heading to India and China
Natural Gas
BUY NATURALGAS JUN @ 310 SL 305 TGT 315-320. MCX
Observations
Naturalgas trading range for the day is 288.2-328.6. Natural gas jumped on a smaller-than-usual weekly storage build, which followed forecasts for more demand. EIA said energy firms added 92 bcf of gas to storage during the week ended May 22, slightly smaller than the 95-bcf build forecast.
However, estimated gas flows to LNG facilities reached about 18.2 billion cubic feet per day, up 8% from the previous week.
Lower 48 gas output down in May, storage surplus seen narrowing to 6% above normal
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