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CRUDE OIL

Observations

Crudeoil trading range for the day is 6015-6313.

Crude oil dropped as production at Libya's Sharara oilfield has risen to about 85,000 bpd

US crude oil inventories increased by 0.347 mln bbls, reversing the previous week's 5.205 mln bbls decline - API

China’s July oil imports from top supplier Russia fall 7.4% from a year ago

Saudi Arabia's crude oil exports fell to 6.047 mbpd in June from 6.118 mbpd in May.

BUY CRUDEOIL SEP @ 6120 SL 6040 TGT 6220-6300. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 177.2-194.4.

Natural gas slid on forecasts for less hot weather over the next two weeks than previously expected.

Another factor that has kept a lid on gas prices all year was the tremendous oversupply of gas in storage.

Gas output in the U.S. Lower 48 states slid to an average of 102.3 bcfd so far in August, down from 103.4 bcfd in July.

With hotter weather expected, average gas demand in the Lower 48, will rise from 103.7 bcfd this week to 104.3 bcfd next week.

BUY NATURALGAS AUG @ 180 SL 176 TGT 185-188. MCX