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CRUDE OIL

Observations

Crudeoil trading range for the day is 6408-6612.

Crude oil rose driven by a larger-than-expected drawdown in US oil inventories.

Crude oil inventories in the US fell by 3.741 million barrels

Gasoline stocks dropped by 5.572 million, versus forecast of a 0.9 million draw

Russia to offset bulk of oil overproduction in March – Sept. 2025, OPEC says

SELL CRUDEOIL AUG @ 6550 SL 6650 TGT 6450-6350. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 176.2-189.8.

Natural gas slid on forecasts for less demand next week than previously expected

Pressure also seen amid rising output and an ongoing oversupply of gas in storage.

Gas output in the Lower 48 states rose to an average of 102.4 bcfd so far in July

U.S. output hit a monthly record high of 105.5 bcfd in December 2023.

BUY NATURALGAS AUG @ 178 SL 174 TGT 183-186. MCX