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Crudeoil

Observation

Crudeoil trading range for the day is 5560-5990

Crude oil rose as China's oil refinery in May rose 15.4% from a year earlier

The IEA said in its monthly report that global oil demand will rise by 6% between 2022 and 2028.

Data showed that US crude inventories surged by 7.919 million barrels last week, the most in 17 weeks

UBS expects a supply deficit of around 1.5 mbpd in June and more than 2 million bpd in July.

Natural Gas

Naturalgas trading range for the day is 183-223.6

Natural gas climbed on soaring gas prices in Europe and a decline in US output.

US utilities added 84 bcf of gas into storage during the week ended June 9, 2023, less than market expectations

Average gas output in the U.S. Lower 48 states slid to 101.9 billion cubic feet per day (bcfd) so far in June

Meteorologists forecast the weather would remain mostly near normal from June 15-22 before turning hotter-than-normal from June 23-30.

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