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CRUDEOIL

Crude oil trading range for the day is 8569-9117.

Crude oil dropped as fears of an economic slowdown driven by central banks’ aggressive action to combat surging inflation weighed

Saudi Arabia and UAE are at, or very close to, near-term capacity limits, while political unrest in Libya and Ecuador threatened to tighten supply further.

OPEC+ begins policy debate as capacity constraints loom

Russia's June oil output stood at 10.7 mln bpd

SELL CRUDEOIL JUL 2022 @ 8900 SL 9100 TGT 8650-8550.MCX

NATURAL GAS

Natural gas trading range for the day is 492.3-553.9.

Natural gas fell on expectations last week's storage build will be near normal despite hotter than usual weather.

Prices dropped despite a drop in daily output this week and hotter weather forecasts through early July

Data provider Refinitiv said average gas output in the U.S. Lower 48 states slid to 95.1 bcfd so far in June from 95.2 bcfd in May.

Open interest in NYMEX futures fell to its lowest since July 2016 for a second day in a row as investors continued to cut back on risky assets.

SELL NAT GAS JUL 2022 @ 550.00 SL 570.00 TGT 520.00-500.00.MCX

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