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CRUDE OIL

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

Observations

Crudeoil trading range for the day is 5495-5711.

Crude oil rose as US summer driving season boosted fuel demand and supported prices.

Prices were also supported by multiple oil inventory reports that showed strong draws in middle distillates.

Data from the U.S. EIA showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.

Key attention on July 6 OPEC+ meeting; expected output hike of 411,000 bpd.

NATURAL GAS

SELL NATURALGAS JUL @ 322 SL 326 TGT 316-310. MCX

Observations

Naturalgas trading range for the day is 299.7-328.9.

Natural gas climbed as the amount of gas flowing to LNG export plants started to edge up

US utilities added 96 billion cubic feet of gas to storage, marking the 10th consecutive week of above-average injections.

Average gas output in the Lower 48 U.S. states rose to 105.6 billion cubic feet per day so far in June, up from 105.2 bcfd in May.

Meteorologists forecast weather across the Lower 48 states will remain mostly warmer than normal through at least July 12.