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Crudeoil

Observations

Crudeoil trading range for the day is 6872-7076.

Crude oil pared gains as fears of supply disruptions from Hurricane Beryl faded

Some support seen amid OPEC+ supply constraints and increased travel

OPEC oil output rose in June for a second consecutive month.

OPEC pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May.

SELL CRUDEOIL JUL @ 6980 SL 7060 TGT 6900-6820. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 199.2-210.4.

Natural gas dropped due to increased production after companies like EQT and Chesapeake Energy ramped up drilling.

Pressure also seen on rising output in recent weeks, forecasts for less demand over the next two weeks.

In June, gas output in the Lower 48 states rose to 98.6 bcfd from a 25-month low of 98.1 bcfd in May.

On the demand side, hotter-than-normal weather is projected through at least July 12, maintaining high gas consumption for air conditioning

BUY NATURALGAS JUL @ 202 SL 198 TGT 207-210. MCX