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CRUDE OIL

Observations

Crudeoil trading range for the day is 6200-6594.

Crude oil prices slipped pressured by muted demand in China and hopes of a Gaza ceasefire deal.

China's total fuel oil imports dropped 11% in the first half of 2024, have raised concern about the wider demand outlook in China.

US economy showed stronger-than-expected growth in Q2, suggesting potential Fed interest rate cuts in September, which could boost oil demand.

The EIA reported a larger-than-expected drop in US crude inventories by 3.7 mbls.

BUY CRUDEOIL AUG @ 6320 SL 6250 TGT 6400-6460. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 164.6-180.8.

Natural gas dropped as rising output offset forecasts for more demand over the next two weeks

Gas stockpiles were currently about 16% above normal for this time of year

U.S. output hit a monthly record high of 105.5 bcfd in December 2023.

Meteorologists projected weather across the Lower 48 would remain mostly near normal through July 28

BUY NATURALGAS AUG @ 170 SL 167 TGT 174-177. MCX