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CRUDE OIL

Observations

Crudeoil trading range for the day is 6309-6673.

Crude oil dropped amid mounting concerns about slowing demand

U.S. crude oil production fell by 61,000 bpd to 13.18 mbpd in May, the 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

Crude oil inventories in the US fell by 3.436 million barrels

BUY CRUDEOIL AUG @ 6400 SL 6340 TGT 6480-6550. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 161.2-182.4.

Natural gas fell on rising output and forecasts for less demand next week than previously expected.

Prices fell despite a bullish smaller-than-expected weekly storage build US utilities added 18 billion feet of gas into storage to 3,249 billion cubic feet.

U.S. National Hurricane Center said a tropical disturbance in the Atlantic Ocean has a 60% chance of strengthening into a cyclone.

BUY NATURALGAS AUG @ 165 SL 162 TGT 169-172. MCX