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Crudeoil

Observations

Crudeoil trading range for the day is 6315-6707.

Crude oil gains amid strong U.S. economic data stoked expectations for higher crude demand

Concerns about China's declining oil imports and refinery activity due to sluggish economic growth weighed on the market.

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 @ 6540 SL 6460 TGT 6640-6720. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 169-188.

Natural gas eased on rising output and forecasts for less demand next week.

US utilities added 22 billion cubic feet of gas into storage

Gas output in the Lower 48 states rose to an average of 102.4 billion cubic feet per day (bcfd) so far in July

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