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CRUDEOIL

Crude oil trading range for the day is 5365-5505.

Crude oil seen supported after data from the U.S. EIA showed U.S. crude inventories resumed a downward trend last week.

The EIA report showed crude inventories in the U.S. fell by 4.089 million barrels last week.

Gasoline inventories dropped by 2.253 million barrels last week, more than twice the expected draw, the data showed.

The drawdown in crude inventories to their lowest level since January 2020 raised optimism that supplies will remain tight despite the production hikes set by OPEC+.

BUY CRUDEOIL AUG 2021 @ 5380 SL 5300 TGT 5460-5490.MCX

NATURAL GAS

Natural gas trading range for the day is 287.2-311.8.

Natural gas rose on a smaller-than-expected storage build and forecasts for more air conditioning demand next week than previously expected.

EIA forecast utilities added 36 billion cubic feet (bcf) of gas into storage during the week ended July 23.

Data provider Refinitiv said gas output in the U.S. Lower 48 states slipped to 91.6 bcfd so far in July.

U.S. pipeline exports to Mexico have averaged 6.6 bcfd so far in July, down from a record 6.8 bcfd in June.

BUY NAT GAS AUG 2021 @ 296.00 SL 290.00 TGT 302.50-306.00.MCX

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