Crudeoil trading range for the day is 5960-6270 - Kedia Advisory
Crude Oil
Observations
Crudeoil trading range for the day is 5960-6270
Crude oil gains as supply cuts by Saudi Arabia expected to tighten the market.
Oil market to tighten with China demand and OPEC+ cuts, says IEA
Saudi Arabia will extend its 1 mbpd output cut into August, and Russia will cut crude exports by 500,000 bpd.
In the US, authorities announced that they plan to purchase about 6 million barrels of oil for the Strategic Petroleum Reserve.
Natural Gas
Naturalgas trading range for the day is 215.3-231.7
Natural gas climbed on forecasts for hotter weather that boost cooling demand.
That price increase materialized even though drillers were pulling near record amounts of gas out of the ground.
Speculators boosted their net long positions on to their highest levels since June 2022 for a third week in a row
Meteorologists forecast the weather in the Lower 48 states would turn hotter-than-normal through at least July 25.
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