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Crudeoil

Observations

Crudeoil trading range for the day is 5760-6060

Crudeoil gained amid the prospect of tighter global supplies

Iraq aims to boost oil output capacity, production 4.43 mln bpd currently

OPEC upbeat over 2024 oil demand outlook despite slowdown U.S.

crude oil inventories fell last week, while gasoline and distillate inventories rose - API

SELL CRUDEOIL Jul 2023 @ 6000 SL 6100 TGT 5900-5800. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 210.6-226.4

Natural gas dropped amid on record output and lower demand

Average gas output in the Lower 48 states rose to 101.9 billion cubic feet per day (bcfd) so far in July, up from 100.9 bcfd in June Meteorologists forecast the weather in the Lower 48 states would remain near-normal until July 10

Natural gas demand from U.S. power plants jumping to 45.6 billion cubic feet per day (bcfd) this week, compared with 40.6 bcfd last week.

BUY NAT GAS Jul 2023 @ 213 SL 208 TGT 220-224. NCDEX

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