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CRUDE OIL

Observations

Crudeoil trading range for the day is 6214-6538.

Crude oil gains due to disruptions in Libya’s largest oil field and a rare Ukrainian attack into Russia.

Crude stockpiles fell for the sixth consecutive week to their lowest since February, which might ease concerns about demand.

U.S. crude oil production fell in May in its first monthly decline since January

U.S. shipments of crude oil via rail in May fell by 7,000 bpd from the previous month to 328,000 bpd.

BUY CRUDEOIL AUG @ 6380 SL 6300 TGT 6480-6560. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 165.7-190.3.

Natural gas gains as storage build was smaller than usual for this time of year.

US utilities added 21 billion feet of gas into storage to 3,270 billion cubic feet.

EIA forecast a larger decline in natural gas output this year compared with earlier estimates.

U.S. natural gas output will average around 103.3 bcfd this year, the EIA said.

BUY NATURALGAS AUG @ 176 SL 172 TGT 182-186. MCX