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Investment Guru India 2018-07-11 11:39:59

CRUDEOIL

Crudeoil trading range for the day is 5016-5160.

Crude oil prices gained as hundreds of oil workers in Norway were set to strike later in the day, raising concerns of potential supply shortages.

United Araba Emirates Energy Minister Suhail Al Mazrouei said the OPEC and its allies are “doing what they could” to offset crude output shortfalls.

Suncor Energy said its Syncrude oil sands project in Canada would resume some production in July, sooner than expected, and hit full capacity in September

The United States says it wants to reduce oil exports from Iran, to zero by November, which would oblige other big producers to pump more.

SELL CRUDEOIL JUL 2018 @ 5080 SL 5130 TGT 5020-4970.MCX

NATURAL GAS

Naturalgas trading range for the day is 189.7-196.5.

Natural gas fell as production remained near a record high and on forecasts for less hot weather and demand next week than previously expected.

In recent months, the biggest factor affecting the gas market has been speculation on whether production, which is at record levels.

Cool weather is expected to move into the mid-west which might reduce cooling demand.

Natural gas supply and consumption have grown significantly from the first half of 2017 through the first half of 2018.

SELL NAT GAS JULY BELOW 193.50 SL ABV 196.20 TGT 191.20-188.80. MCX (STBT)

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