Crudeoil trading range for the day is 5790-6220 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5790-6220
Crude oil gains after data showed a big drop in U.S. crude inventories.
However, upside remained capped by concerns about the impact of higher interest rates on growth and energy demand.
EIA showed crude inventories in the U.S. fell by 1.508 million barrels in the week ended June 30
Commerzbank sees WTI likely to be trading at $80/bbl at end of 2023 (previously $85)
Natural Gas
Observations
Naturalgas trading range for the day is 203.7-225.5
Natural gas dropped on near record output and lowered forecasts for demand over the next two weeks.
U.S. drillers were pulling record amounts of gas out of the ground and a bigger-than-expected storage build last week.
EIA said utilities added 68 billion cubic feet (bcf) of gas into storage during the week ended June 30.
Meteorologists forecast weather in the Lower 48 states would remain near normal until July 10
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