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Sell NaturalGas Jul @ 186 SL 190 TGT 182-178. MCX - Kedia Advisory
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CRUDE OIL
Observations
Crudeoil trading range for the day is 6293-6683.
Crude oil fell as growing expectations of a ceasefire in Gaza reduced the risk of supply disruptions.
Russia's oil output is close to OPEC+ quotas, Deputy PM Novak says
The upcoming OPEC+ meeting scheduled for August 1 is not expected to change current output policies.
Crude stocks at the Cushing hub, excluding SPR barrels fell by 875,000 barrels to 32.66 million
BUY CRUDEOIL AUG @ 6420 SL 6340 TGT 6520-6580. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 178.1-192.7.
Natural gas slid on rising output and an ongoing oversupply of gas in storage.
There was still about 17% more gas in storage than normal for this time of year
China's natural gas demand seen growing 6.5% – 7.7% in 2024, NEA says
U.S. output hit a monthly record high of 105.5 bcfd in December 2023.
SELL NATURALGAS JUL @ 186 SL 190 TGT 182-178. MCX
