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Crude Oil

Observations

Crudeoil trading range for the day is 6090-6380

Crude oil dropped on profit booking after prices rose underpinned by supply disruptions

Libya’s second-largest oil field is in the process of shutting due to protests.

The Libya disruption is halting an estimated 370,000 bpd while the loss from the Nigerian outage is pegged at 225,000 bpd.

OPEC maintained a positive outlook on world oil demand, raising its growth forecast for 2023

SELL CRUDEOIL Jul 2023 @ 6250 SL 6350 TGT 6150-6050. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 199.6-218.2

Natural gas fell on some forecast for less hot weather

US natgas output, demand to hit record highs in 2023

The EIA projected dry gas production will rise to 102.35 billion cubic feet per day (bcfd) in 2023 and 102.40 bcfd in 2024

The EIA said utilities added 49 bcf of gas into storage, lower than normal for this time of year

BUY NAT GAS Jul 2023 @ 202 SL 197 TGT 208-212. NCDEX

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