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Crudeoil

Observations

Crudeoil trading range for the day is 6821-6959.

Crude oil dropped as markets continued to assess near-term threats to supply.

A fresh wave of pessimism over energy demand in China also pressured crude oil.

The number of operating oil rigs in the U.S. were unchanged at 479 last weeks, holding at its lowest since December 2021

U.S. oil production and demand rose to a four-month high in April

SELL CRUDEOIL JUL @ 6920 SL 7000 TGT 6820-6760. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 190.1-203.7.

Natural gas recovered due to concerns over Hurricane Beryl.

EIA utilities added 32 billion cubic feet (bcf) of gas into storage during the week ended June 28.

The number of rigs drilling for natural gas in the United States rose by 4 to 101.

Gas output in the Lower 48 U.S. states rose to an average of 101.8 bcf so far in July.

BUY NATURALGAS JUL @ 194 SL 190 TGT 198-202. MCX