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CRUDE OIL

Observations

Crudeoil trading range for the day is 6334-6528.

Crude oil gains as fears of a widening Middle East conflict continue to raise supply risks.

Supply concerns were further heightened by disruptions in Libya's largest oil field, Sharara.

Data showed weekly EIA crude inventories dropping more than expected to a six-month low.

U.S. crude oil output rose by about 100,000 barrels per day (bpd) to a record high of 13.4 million bpd

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

NATURAL GAS

Observations

Naturalgas trading range for the day is 173.7-187.5.

Natural gas gains aided by forecasts for hotter weather and higher demand for the next week.

Gas output in the Lower 48 states had risen to an average of 102.9 bcfd so far in August

Asian spot LNG prices remained at their highest level in over seven months, tracking European gains.

Average gas demand in the Lower 48 states, to fall to 104.0 bcfd this week from 109.9 bcfd last week.

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