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CRUDEOIL

Crude oil trading range for the day is 5349-5507.

Crude oil dropped weighed down by speculation that the OPEC and its allies will likely agree to increase crude production.

OPEC+ is discussing the possibility of further boosting oil output from August, no decision on volumes as of yet - OPEC+

Russia weighs proposing OPEC+ output hike at next week's meeting

WTI-Brent spread narrows as oil market tightens

BUY CRUDEOIL JUL 2021 @ 5420 SL 5360 TGT 5480-5520.MCX

NATURAL GAS

Natural gas trading range for the day is 233.1-248.5.

Natural gas edged up on expectations the increase in global gas prices to their highest in years would boost LNG exports to fresh record highs this summer.

U.S. speculators boosted their long futures and options positions on the NYMEX last week by the most since June 2020 to their highest since November 2018

U.S. natgas output to rise, demand to fall in 2021 – EIA

U.S. speculators boosted their net long futures and options positions last week by the most since February to their highest since March

BUY NAT GAS JUN 2021 @ 218.00 SL 212.00 TGT 224.00-226.50.MCX

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