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CRUDEOIL

Observations

Crudeoil trading range for the day is 7261-7469.

Crude oil falls due to energy demand concerns and surprise US inventory surge

US crude oil inventories rose by 3.954 million barrels

Libyan oil ports reopen after storm forced closure

OPEC maintains its forecasts for robust growth in global oil demand for both 2023 and 2024 

SELL CRUDEOIL SEP @ 7420 SL 7500 TGT 7320-7250. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 213.2-234.8.

Natural gas slid on forecasts for milder weather, lower gas demand next week.

Pressure also seen amid a decline in the amount of gas flowing to LNG export plants.

However, prices declined despite a drop in output this week to a five-month low.

On a daily basis, output was on track to drop about 3.1 bcfd over the past three days to a preliminary five-month low of 99.6 bcfd on Wednesday 

BUY NATURALGAS SEP @ 225 SL 220 TGT 232-234. MCX