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Crudeoil

SELL CRUDEOIL JUN @ 5500 SL 5600 TGT 5400-5300. MCX

Observations

Crudeoil trading range for the day is 5296-5558.

Crude oil gains as ongoing geopolitical tensions fueled concerns over tighter global supply.

Canada wildfire shuts oil output in Alberta, deepening supply concerns OPEC+ kept output increases in July at the same level as the previous two months

US crude oil output hit record high in March, while demand fell - EIA

Naturalgas

SELL NATURALGAS JUN @ 324 SL 330 TGT 316-310. MCX

Observations

Naturalgas trading range for the day is 306.5-329.3.

Natural gas rose on stronger demand, falling output, and broader energy market rally.

Warmer weather forecasts boosted expectations for higher air conditioning-related gas demand.

U.S. gas production declined due to seasonal pipeline maintenance, notably Permian Highway work.

LNG feedgas deliveries dropped due to outages at major U.S. export terminals.