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CRUDEOIL

Crude oil trading range for the day is 7786-8188.

Crude oil dropped as investors digest inventory reports and looming risks of a demandsapping global recession.

U.S. crude stocks dip, gasoline inventories up – EIA

Oil output in the Permian in Texas and New Mexico, is due to rise 78,000 bpd to a record 5.445 million bpd in August

Stocks of crude oil in the United States rose 1.860 million barrels, data from the American Petroleum Institute showed.

SELL CRUDEOIL AUG 2022 @ 8150 SL 8350 TGT 7850-7700.MCX

NATURAL GAS

Natural gas trading range for the day is 553.7-664.3.

Natural gas rose on forecasts for hotter weather over the next two weeks than previously expected and a decline in output in recent days.

Extreme weather has already boosted power demand to record highs in several parts of the country, including Texas

That price increase came despite a drop in feed gas to liquefied natural gas (LNG) export plants due to upsets at a couple facilities in Louisiana

Average gas output in the U.S. Lower 48 states rose to 96.1 bcfd so far in July from 95.3 bcfd in June.

SELL NAT GAS JUL 2022 @ 645.00 SL 665.00 TGT 615.00-600.00.MCX

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