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CRUDE OIL

Observations

Crudeoil trading range for the day is 6037-6273.

Crude oil gains as traders largely shrugged off a report showing crude oil inventories unexpectedly rebounded.

Stocks of crude oil in the United States rose by 1.233 million barrels in the week ending May 31, 2024.

Gasoline stocks surged by 2.102 million barrels, above market expectations of a 1.95 million rise.

U.S. crude production rose in March to its highest this year, while product supplied fell.

BUY CRUDEOIL JUN @ 6150 SL 6060 TGT 6250-6350. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 213.1-237.7.

Natural gas edged up on a decline in daily gas output.

That price increase occurred despite the tremendous oversupply of gas still in U.S. storage.

Gas output in the Lower 48 U.S. states has averaged 98.1 bcfd so far in June.

Meteorologists predicted weather across the Lower 48 states would remain warmer than normal through June 20.

BUY NATURALGAS JUN @ 225 SL 220 TGT 230-235. MCX