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CRUDEOIL

Crude oil trading range for the day is 7443-8217.

Crude oil prices rose sharply buoyed by reports that an increase in Saudi oil output is unlikely for now.

U.S. crude production and petroleum demand will both rise in 2022 as the economy grows, the U.S. EIA said.

According to the report released by Baker Hughes, oil rig count in the U.S. increased by four to 756 this week..

Money managers raised their net long U.S. crude futures and options positions in the week to July 12

SELL CRUDEOIL AUG 2022 @ 8150 SL 8350 TGT 7850-7700.MCX

NATURAL GAS

Natural gas trading range for the day is 550.5-627.7.

Natural gas rose on forecasts for hotter weather and more demand this week than previously expected.

Extreme heat has already boosted power demand to record highs in several parts of the country, including Texas and other U.S. Central states

Speculators boosted their net short futures and options positions on the NYMEX and Intercontinental Exchanges to the most since March 2020

Refinitiv projected average U.S. gas demand including exports would slide from 100.9 bcfd this week to 99.9 bcfd next week

SELL NAT GAS JUL 2022 @ 615.00 SL 635.00 TGT 575.00-560.00.MCX

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