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CRUDE OIL

Observations

Crudeoil trading range for the day is 6382-6820.

Crude oil surged driven by supply disruption concerns amid rising Middle East tensions.

OPEC cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year

World oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month. – OPEC

Saudi crude oil exports to China set to fall in September

BUY CRUDEOIL AUG @ 6620 SL 6520 TGT 6720-6800. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 176.7-193.3.

Natural gas rose aided by forecasts for hotter weather and higher demand for the next week.

LSEG said gas output in the Lower 48 states had risen to an average of 102.9bcfd so far in August.

Asian spot LNG prices remained at their highest level in over seven months.

Average gas demand in the Lower 48 states, to fall to 104.0 bcfd this week from 109.9 bcfd last week.

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