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Natural gas trading range for the day is 212.4-226.6 - Kedia advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5930-6170
Crude oil fell on concerns about outlook for energy demand
Although weak economic data from top consumers the UnitedStates and China limited gains.
The US Administration announced that it plans to purchaseabout 6 million barrels of oil for the Strategic Petroleum Reserve.
Saudi Arabia will extend its 1 mbpd output cut into August andRussia will cut crude exports by 500,000 bpd.
Naturalgas
Observations
Naturalgas trading range for the day is 212.4-226.6
Natural gas climbed on forecasts for hotter weather that boostcooling demand.
That price increase materialized even though drillers werepulling near record amounts of gas out of the ground.
Speculators boosted their net long positions on to their highestlevels since June 2022 for a third week in a row
Meteorologists forecast the weather in the Lower 48 stateswould turn hotter-than-normal through at least July 25.
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