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Crudeoil

Observations

Crudeoil trading range for the day is 6658-6902.

Crude oil gains amid expectations of strong demand in the summer driving season in the U.S

U.S. crude stocks and gasoline inventories rose while distillate inventories fell

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 226,000 barrels in the week, the EIA said.

U.S. gasoline stocks rose by 2.7 million barrels in the week to 233.9 million barrels, the EIA said.

SELL CRUDEOIL JUL @ 6850 SL 6950 TGT 6750-6650. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 224.9-242.7.

Natural gas fell on signs producers were slowly boosting output to meet rising summer demand.

Speculators increased net long futures and options positions on the New York Mercantile and Intercontinental Exchanges.

Gas output in Lower 48 U.S. states rose to an average of 98.5 billion cubic feet per day in June.

Daily output is expected to fall by about 3.0 bcfd to a preliminary one-week low of 97.4 bcfd on Tuesday.

SELL NATURALGAS JUL @ 235 SL 240 TGT 230-226. MCX