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Crudeoil

Observations

Crudeoil trading range for the day is 6680-6878.

Crude oil gains due to larger-than-anticipated drop in US crude stocks.

Escalation of Middle East geopolitical tensions exacerbates oil supply concerns

US crude inventories fell by 2.547 million barrels, exceeding predicted decrease of 2 million barrels.

Global demand growth forecasts from OPEC, IEA, and EIA predict solid oil demand growth in the second half of this year.

BUY CRUDEOIL JUL @ 6750 SL 6650 TGT 6850-6950. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 218-250.8.

Natural gas slid as producers slowly increase output

That price decline came despite forecasts for hotter weather and higher demand

U.S. energy company EQT, said earlier in June that it started boosting output.

Gas output rose to an average of 98.2 billion bcfd so far in June, up from a 25-month low of 98.1 bcfd in May.

SELL NATURALGAS JUN @ 233 SL 237 TGT 228-224. MCX