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CRUDEOIL

Crude oil trading range for the day is 7005-7489.

Crude oil rose as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.

China also surprised markets with faster-than-expected growth in exports.

China crude imports near 4-year low as refiners draw on stocks amid thin margins

In terms of U.S. production, energy firms last week cut the number of oil rigs by the most since September in the first drop in 10 weeks.

BUY CRUDEOIL AUG 2022 @ 7100 SL 6950 TGT 7350-7450.MCX

NATURAL GAS

Natural gas trading range for the day is 600.9-638.5.

Natural gas rose on a preliminary drop in daily output and forecasts for more demand than previously expected.

That price increase came despite forecasts for less hot weather over the next two weeks that will reduce air conditioning use next week.

Freeport expects to return the facility to at least partial service in early October.

Gas speculators boosted their net short futures and options positions to the most since March 2020 for a second week in a row.

BUY NAT GAS AUG 2022 @ 610.00 SL 590.00 TGT 635.00-655.00.MCX

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