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CRUDEOIL

Crude oil trading range for the day is 8154-8854.

Crude oil gains as investors balanced a tightening market against a backdrop of weakening global economic growth and subdued demand.

U.S. crude oil in the Strategic Petroleum Reserve (SPR) dropped 7.0 million barrels last week to 497.9 million barrels, its lowest since April 1986

OPEC+ has said that they would stick to a previously decided output boost in August despite calls for bigger increases to rein in crude prices.

OPEC+ confirmed the plan to increase production by 648,000 bpd in August, according to an OPEC statement

SELL CRUDEOIL JUL 2022 @ 8500 SL 8650 TGT 8280-8150.MCX

NATURAL GAS

Natural gas trading range for the day is 426.7-482.7.

Natural gas jumped due to a technical bounce and forecasts for hotter weather and higher demand over the next two weeks than previously expected.

Gas output in the U.S. Lower 48 states held at a preliminary 95.1 bcfd on the first day of July, the same as the average for June.

The U.S. EIA said utilities added 82 bcf of gas to storage during the week ended June 24.

U.S. pipeline safety regulators said they found unsafe conditions at Freeport and will not allow the plant to restart until an outside analysis is complete.

SELL NAT GAS JUL 2022 @ 470.00 SL 490.00 TGT 440.00-420.00.MCX

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