Sell NaturalGas JUL @ 309 SL 314 TGT 303-300. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUL @ 5840 SL 5940 TGT 5740-5640. MCX
Observations
Crudeoil trading range for the day is 5654-5878.
Crude oil prices rose amid low inventories and renewed Middle East risks supporting the market.
Crude oil inventories in the US fell by 3.859 million barrels, after two consecutive weeks of increases
IEA said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil.
Drone strikes shut oilfields in Iraq's Kurdistan, cut output by up to 150,000 bpd.
NATURALGAS
SELL NATURALGAS JUL @ 309 SL 314 TGT 303-300. MCX
Observations
Naturalgas trading range for the day is 298.4-316.
Natural gas up as hot weather lifts demand for power to run air conditioners.
US utilities injected 46 bcf of natural gas into storage, bringing total inventories to 3.052 tcf.
Meteorologists forecast the weather in the Lower 48 U.S. states would mostly remain hotter than normal through at least August 1.
Average gas output in the Lower 48 rose to 107.0 bcfd so far in July, up from a monthly record high of 106.4 bcfd in June.
