SELL NATURALGAS JUL @ 298 SL 302 TGT 292-288. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL JUL @ 5850 SL 5950 TGT 5750-5650. MCX
Observations
Crudeoil trading range for the day is 5478-6000.
Crude oil rose, shrugging off OPEC+ decision to hike output more than expected. OPEC+ announced 548,000 barrels daily increase for August, up from prior 411,000 bpd hikes.
Saudi Arabia raised Asian crude prices, signaling physical oil markets remain tight despite supply boost.
Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3.
NATURALGAS
SELL NATURALGAS JUL @ 298 SL 302 TGT 292-288. MCX
Observations
Naturalgas trading range for the day is 274.9-308.9.
Natural gas up as hotter mid-July forecast boosts AC demand next two weeks
Warmer-than-normal weather forecast through July 22 should boost cooling demand modestly this month.
LSEG cut this week’s demand forecast slightly but expects higher demand next week near 107.5 bcfd.
Storage injections likely stay above seasonal norms despite summer heat and higher LNG export flows.
