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Crude Oil

Observations

Crudeoil trading range for the day is 6690-6960

Crude oil up on Saudi Arabia, Russia extending supply cuts next month.

Saudi Arabia said it would extend its 1 million barrels per day production cut for another month

Russia's Novak: global oil demand to grow by 2.4 mln bpd in 2023

OPEC+ ministers keep oil output policy unchanged

SELL CRUDEOIL Aug 2023 @ 6920 SL 7000 TGT 6820-6720. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 206.6-220.4

Natural gas dropped weighed down by forecasts for lower demand.

The price drop came despite forecasts for hotter than normal weather continuing through mid-August, especially in Texas.

Meteorologists forecast the weather in the Lower 48 states will remain hotter than normal through at least Aug. 19.

The U.S. EIA said utilities added 14 bcf of gas into storage during the week ended July 28.

BUY NAT GAS Aug 2023 @ 208 SL 203 TGT 214-220. NCDEX

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