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CRUDEOIL

Crude oil trading range for the day is 7554-8590.

Crude oil gains supported by concerns of tight supply amid lower OPEC output.

The Biden administration has announced fresh sanctions on Iran amid continuing diplomatic efforts to revive the 2015 nuclear deal with Tehran.

The American Petroleum Institute reported U.S. crude stockpiles rose by 3.825 million barrels last week.

The US and its allies have discussed trying to cap the prices of Russian oil between $40 and about $60 a barrel.

SELL CRUDEOIL JUL 2022 @ 8300 SL 8450 TGT 8100-8000.MCX

NATURAL GAS

Natural gas trading range for the day is 412.1-544.5.

Natural gas rose as daily output fell over the past couple of days and on forecasts for higher demand this week than previously expected.

Power demand in Texas was expected to keep breaking records this week and next as a heatwave lingers over the state.

Freeport, the second-biggest U.S. LNG export plant, was consuming about 2 billion cubic feet per day (bcfd) of gas before it shut on June 8.

With hotter weather coming, average U.S. gas demand including exports would rise from 95.8 bcfd this week to 99.2 bcfd next week.

BUY NAT GAS JUL 2022 @ 430.00 SL 410.00 TGT 460.00-480.00.MCX

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