IGI Logo

Crudeoil

Observations

Crudeoil trading range for the day is 6907-7087.

Crude oil fell as the growing likelihood of a Gaza ceasefire overshadowed robust summer fuel demand

Russian oil producers Rosneft and Lukoil will make sharp cuts to oil exports from the Black Sea port of Novorossiisk in July.

Canadian oil producer Suncor Energy shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta.

Saudi Arabia's Saudi Aramco has cut prices for the flagship Arab Light crude it will sell to Asia in August.

BUY CRUDEOIL JUL @ 6920 SL 6820 TGT 7020-7120. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 190.8-203.8.

Natural gas dropped on a rise in output so far in July and the oversupply of gas still in storage.

However downside seen limited as a bullish heat wave expected to linger through at least mid-July.

EIA said utilities added 32 billion cubic feet (bcf) of gas into storage during the week ended June 28.

Gas stockpiles were now about 19% above normal for this time of year.

BUY NATURALGAS JUL @ 192 SL 187 TGT 198-202. MCX