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Crude Oil

Observations

Crudeoil trading range for the day is 6760-7090

Crude oil rises on Ukraine conflict, sparking supply disruption fears.

Saudi Arabia also reaffirmed its commitment to extend voluntary output cuts through September.

US crude output to rise to record 12.76 mln bpd in 2023 – EIA

The US Energy information Administration lowered its forecast for US consumption this year.

SELL CRUDEOIL AUG 2023 @ 6980 SL 7080 TGT 6880-6780. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 221.8-261.2

Natural gas rose driven by concerns about dwindling LNG flows

EIA reported that the U.S. natural gas production and demand will rise to record highs in 2023

The EIA forecasted that dry gas output will rise to 103 bcfd in 2023 and 104.12 bcfd in 2024 from a record 98.13 bcfd in 2022.

Predictions suggest that hotter-than-usual weather will persist until at least August 19, prompting investors to anticipate higher consumption.

BUY NAT GAS AUG 2023 @ 238 SL 233 TGT 245-250. MCX

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