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CRUDEOIL

Crude oil trading range for the day is 7946-8534.

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 @ 8400 SL 8550 TGT 8200-8100.MCX

NATURAL GAS

Natural gas trading range for the day is 465.8-509.6.

Natural gas eased amid rise in output and forecasts for less demand next week than previously expected.

The ongoing outage of Freeport LNG export plant in Texas will leave more gas in the United States for utilities to inject into storage for the winter.

EIA said U.S. utilities added 60 billion cubic feet (bcf) of gas to storage during the week ended July 1

Average gas output in the U.S. Lower 48 states has risen to 95.9 bcfd so far in July from 95.1 bcfd in June

BUY NAT GAS JUL 2022 @ 460.00 SL 440.00 TGT 495.00-515.00.MCX

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