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Crudeoil trading range for the day is 6749-6975.

Crude oil fell as China's recovery worries and a stronger dollar persisted

US crude oil stocks in SPR post biggest weekly increase since June 2020 - EIA

Meanwhile, supply cuts by Saudi Arabia and Russia, are expected to erode oil inventories over the rest of this year - EIA

Money managers cut their net long U.S. crude futures and options positions in the week to August 8

SELL CRUDEOIL AUG @ 6860 SL 6960 TGT 6780-6720. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 225.7-238.7.

Natural gas gains as hotter-than-normal weather kept cooling demand high

The latest EIA report showed that US utilities added 29 bcf into storage

Meteorologists forecast that hotter-than-usual weather will persist until at least August 26, prompting investors to anticipate higher consumption.

U.S. energy firms cut the number of oil and natural gas rigs operating, for a fifth week in a row

SELL NATURALGAS AUG @ 230 SL 234 TGT 224-220. MCX

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