Sell Naturalgas Jul @ 212 SL 216 TGT 207-203. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6767-7049.
Crude oil prices rose helped by expected peak summer consumption and OPEC+ production cuts
Though gains were capped by rising output from other producers and caution over potential market volatility ahead of pending elections.
EIA reported that oil production and demand for major products rose to a four-month high in April, supporting prices.
Traders are also watching for the impact hurricanes have on oil and gas production and consumption in the Americas.
BUY CRUDEOIL JUL @ 6920 SL 6840 TGT 7000-7050. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 203.6-219.4.
Natural gas dropped due to increased production after companies like EQT and Chesapeake Energy ramped up drilling.
Pressure also seen on rising output in recent weeks, forecasts for less demand over the next two weeks.
In June, gas output in the Lower 48 states rose to 98.6 bcfd from a 25-month low of 98.1 bcfd in May.
On the demand side, hotter-than-normal weather is projected through at least July 12, maintaining high gas consumption for air conditioning.
SELL NATURALGAS JUL @ 212 SL 216 TGT 207-203. MCX
