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Crudeoil

Observations

Crudeoil trading range for the day is 6669-6805.

Crude oil gains as escalating conflict in Eastern Europe and the Middle East reignited supply worries.

Oil prices were also supported recently by robust global demand growth forecasts.

OPEC, the IEA and US EIA all predicting solid oil demand growth in the second half of this year.

US crude inventories increased by 2.264 million barrels last week - API.

BUY CRUDEOIL JUL @ 6650 SL 6580 TGT 6750-6850. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 235.3-248.7.

Natural gas dropped on forecasts for a steeper than previously expected rise in gas supply

Meteorologists projected weather across the Lower 48 states would remain hotter than normal through at least July 3.

Gas output in the Lower 48 U.S. states had fallen to an average of 96.9 bcfd so far in June

LSEG forecast that heat would boost gas demand in the Lower 48, from 96.5 bcfd this week to 102.4 bcfd next week.

BUY NATURALGAS JUN @ 238 SL 234 TGT 244-248. MCX