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Crude Oil

Observation

Crudeoil trading range for the day is 6355-6729.

Crude Oil fell on strong dollar, rising U.S. supply, and fuel demand worries

Iran's oil minister expects 3.4M bpd output by Sept. despite U.S. sanctions.

Brent prices to be well supported near $80/bbl, says Morgan Stanley

U.S. field production of crude oil rose last week by 100,000 barrels per day (bpd) to 12.8 million bpd

SELL CRUDEOIL SEP @ 6550 SL 6650 TGT 6450-6350. MCX

Natural Gas

Observation

Naturalgas trading range for the day is 201.6-214.4.

Natural gas eased on forecasts for demand to decline

The U.S. EIA said utilities added just 18 billion cubic feet (bcf) of gas into storage

The U.S. NHC forecast a tropical cyclone could form in the Caribbean Sea, or Gulf of Mexico over the next week.

Average gas output in the U.S. Lower 48 states eased to 101.6 bcfd so far in August, down from 101.8 bcfd in July

BUY NATURALGAS AUG @ 208 SL 203 TGT 213-218. MCX

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