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CRUDE OIL

Observations

Crudeoil trading range for the day is 6268-6664.

Crude oil prices soared due to concerns about potential supply disruptions

Crude oil inventories in the US fell by 3.436 million barrels

API data showed that US crude oil inventories decreased by 4.5 million barrels last week

However, lingering demand concerns for China are preventing further price increases.

BUY CRUDEOIL AUG @ 6470 SL 6400 TGT 6560-6640. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 165.2-184.4.

Natural gas slid on rising output and forecasts for less hot weather and lower gas demand.

That price decline came despite forecasts for record-breaking heat later this week

The amount of gas flowing to Freeport LNG in Texas was on track to reach a preliminary 14-month high.

There was currently about 17% more gas in storage than normal for this time of year.

BUY NATURALGAS AUG @ 170 SL 166 TGT 174-178. MCX