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CRUDEOIL

* Crude oil trading range for the day is 7155-7737.

* Crude oil rises as IEA hikes 2022 demand growth forecast

* Switch from gas boosts oil demand but economic headwinds loom – IEA

* A rise in U.S. oil inventories last week and the resumption of crude flows on a pipeline supplying central Europe capped further price gains

* U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said

SELL CRUDEOIL AUG 2022 @ 7700 SL 7850 TGT 7450-7300.MCX

NATURAL GAS

* Natural gas trading range for the day is 633.7-737.5.

* Natural gas rose with daily output on track to decline for a third day in a row and forecasts for more demand over the next two weeks than previously expected

* Demand from Europe remains strong as the critical Nord Stream 1 pipeline from Russia to Germany is currently running at 20% capacity

* EIA said utilities added 44 billion cubic feet (bcf) of gas to storage during the week ended Aug. 5.

* Gas speculators boosted their net short futures and options positions to the most since March 2020 for a second week in a row

BUY NAT GAS AUG 2022 @ 660.00 SL 640.00 TGT 695.00-710.00.MCX

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