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CRUDE OIL

BUY CRUDEOIL JUN @ 5150 SL 5050 TGT 5250-5340. MCX

Observations

Crudeoil trading range for the day is 5082-5354.

Crude oil dropped on expectations OPEC+ will decide to increase output.

However, another meeting on Saturday is likely to agree to a further accelerated oil output hike for July.

Russian Deputy PM Alexander Novak noted that the group had yet to discuss the output increase officially.

US President Trump extended trade talks with the EU until July 9, easing fears of tariffs that might reduce fuel demand

NATURAL GAS

BUY NATURALGAS JUN @ 312 SL 307 TGT 318-324. MCX

Observations

Naturalgas trading range for the day is 304-328.2.

Natural gas edged up amid a drop in output so far this month, forecasts for more demand.

Speculators cut their net long futures and options positions for the first time in three weeks to their lowest since April.

Gas stockpiles were currently around 4% above the five-year (2020-2024) average.

Average gas output in the Lower 48 U.S. states fell to 105.0 billion cubic feet per day in May.