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Crudeoil

Observations

Crudeoil trading range for the day is 5740-6030

Crude oil gains amid supply cuts announced by Saudi Arabia and Russia

Saudi Arabia announced it would extend its voluntary cut of one million bpd for August and could prolong it further.

Russia said it will lower its oil exports by 500K bpd in August, with production set to fall by the same amount Oil output in Kazakhstan plummeted by around a fifth and oil refining volumes fell by 46%.

Natural Gas

Observations

Naturalgas trading range for the day is 213.7-233.7

Natural gas eased as higher output overshadowed forecasts for hotter weather Natural gas demand from U.S. power plants jumping to 45.6 bcfd, compared to 40.6 bcfd last week U.S. energy firms cut the number of oil and natural gas rigs operating for a ninth week in a row for the first time since July 2020 U.S. exports of liquefied natural gas fell 10% in June to 6.82 million tonnes (MT), from 7.58 MT the previous month

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