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CRUDEOIL

Crude oil trading range for the day is 5329-5559.

Crude oil prices dropped on profit booking as the OPEC+ prepares to meet on July 1 todiscuss what to do with an output policy.

As the oil market looks increasingly tight, the cartel to raise their collective output levelsby another 550,000 barrels per day (bpd) in August.

The U.S. has carried out airstrikes against Iran-backed militia in Iraq and Syria, in response to drone attacks against U.S. personnel and facilities in Iraq.

Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the latest week

SELL CRUDEOIL JUL 2021 @ 5450 SL 5520 TGT 5360-5320.MCX

NATURAL GAS

Natural gas trading range for the day is 257.3-276.9.

Natural gas climbed as a heat wave boosted power prices in the Pacific Northwest to alltime highs.

Prices rose despite forecasts for slightly milder weather and less air conditioning demand over the next two weeks than previously expected.

U.S. speculators boosted their long futures and options positions on the NYMEX to their highest since November 2018

Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.6 billion cubic feet per day (bcfd) so far in June

BUY NAT GAS JUL 2021 @ 218.00 SL 212.00 TGT 224.00-226.50.MCX

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