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Crudeoil

Observations

Crudeoil trading range for the day is 6718-7020.

Crude oil gains amid a decline in U.S. oil stockpiles and a weaker dollar.

Crude oil inventories in the US fell by 4.87 million barrels

China's refinery output fell 3.7% in June from a year earlier official data showed

China June crude oil imports fall 11% on year, H1 imports down 2.3%

BUY CRUDEOIL JUL @ 6850 SL 6750 TGT 6950-7050. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 160.4-189.8.

Natural gas eased on forecasts for less hot weather over the next two weeks than previously expected.

Prices were also weighed down by the persistent oversupply of gas still in storage versus normal for this time of year.

Gas output in the Lower 48 U.S. states rose to an average of 102.1 bcfd so far in July.

Meteorologists projected weather across the Lower 48 states would remain mostly near normal through July 24

BUY NATURALGAS JUL @ 167 SL 163 TGT 172-176. MCX