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CRUDE OIL

SELL CRUDEOIL JUL @ 5650 SL 5750 TGT 5550-5450. MCX

Observations

Crudeoil trading range for the day is 5502-5684.

Crude oil fell as Mideast tensions ease, OPEC+ may boost output further Israel-Iran truce continues to hold, alleviating fears of a broader conflict that could disrupt crude flows from the region.

Further weighing on prices, reports indicated that OPEC+ was set to boost output by 411,000 barrels per day in August.

OPEC has significantly increased output in recent months, and US shale producers are maintaining production at record highs.

NATURAL GAS

BUY NATURALGAS JUL @ 292 SL 286 TGT 300-305. MCX

Observations

Naturalgas trading range for the day is 279.9-323.3.

Natural gas prices fell, weighed down by mild weather suppressing heating and cooling demand.

Above-average temperatures are forecast through mid-July, but last week’s extreme heat is not expected to return.

Output in June averaged 105.6 bcfd, slightly higher than May’s 105.2 bcfd but still below March’s record 106.3 bcfd.

Gas flows to major US LNG export plants averaged 14.2 bcfd in June, down from May’s 15 bcfd and April’s record 16 bcfd.