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CRUDEOIL

SELL CRUDEOIL AUG @ 5500 SL 5580 TGT 5420-5350. MCX

Observations

Crudeoil trading range for the day is 5353-5619.

Crude oil dropped after the International Energy Agency forecast a growing oil surplus this year and next.

U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity.

US oil production is projected to peak this year before declining next year, boosted by greater efficiency at existing wells.

OPEC raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from US.

NATURALGAS

BUY NATURALGAS AUG @ 244 SL 240 TGT 248-252. MCX

Observations

Naturalgas trading range for the day is 238.8-253.8.

Natural gas rose on higher demand forecasts and strong LNG exports.

However, upside seen limited amid near-record output and ample storage supplies nationwide.

Weather hotter than normal through August 28 but cooler than forecast.

Record output enabled above-average gas storage injections despite summer heat.