IGI Logo

Crudeoil

Observations

Crudeoil trading range for the day is 6430-6698.

Crude oil dropped amid a strong dollar and concern over the economy of China.

WTI futures backwardation widens to 8 – month high as Cushing stocks fall

Crude stocks at the Cushing hub, excluding SPR barrels fell by 875,000 barrels to 32.66 million in the week to July 12.

EIA reported a 4.9-million-barrel decrease in crude stocks last week.

SELL CRUDEOIL AUG @ 6600 SL 6680 TGT 6520-6450. MCX

Natural Gas

Observations

Naturalgas trading range for the day is 173.1-197.5.

Natural gas jumped with an increase in the amount of gas flowing to U.S. LNG export plants.

The hottest weather of the summer is forecast to blanket much of the U.S. Lower 48 states in early August.

Gas output in the Lower 48 U.S. states rose to an average of 102.1 bcfd so far in July, up from an average of 100.2 bcfd in June

Meteorologists projected weather across the Lower 48 states would remain mostly near normal through July 28.

SELL NATURALGAS JUL @ 190 SL 194 TGT 185-182. MCX