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CRUDEOIL

SELL CRUDEOIL AUG @ 5680 SL 5780 TGT 5580-5500. MCX

Observations

Crudeoil trading range for the day is 5568-5738.

Crude oil dropped as trade war concerns increase worries about fuel demand

US withdrew oil from strategic reserve last week for first time since 2023, EIA shows

OPEC forecast that Asia's non-OECD oil demand would rise by 1.34 mbpd in 2024, with China accounting for 760,000 bpd of this.

OPEC's July monthly report forecast that non-OECD Asia's oil demand will rise by 610,000 bpd in 2025

NATURALGAS

SELL NATURALGAS JUL @ 285 SL 290 TGT 280-275. MCX

Observations

Naturalgas trading range for the day is 272.7-290.9.

Natural gas slid on near-record output and forecasts for less hot weather over the next two weeks than previously expected.

Prices were also weighed down by stagnant gas flows to LNG export plants and ample amounts of gas in storage.

Gas stockpiles were already about 6% above normal levels for this time of year.

Average gas output in the Lower 48 rose to 107.2 bcfd so far in July, up from a monthly record high of 106.4 bcfd in June.