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* Crudeoil trading range for the day is 3887-4115.
* Crude oil dropped as market concerns about the possibility of a conflict between the United States and Iran eased
* Oil prices surged after Iran shot down a drone that the United States claimed was in international airspace and Tehran said was over its territory.
* Russian Energy Minister Alexander Novak said international cooperation on crude production had helped stabilize oil markets and is more important than ever.
* Baker Hughes said that U.S. energy companies added an oil rig last week, the first increase in three weeks, bringing the total count to 789.
* BUY CRUDEOIL JUL 2019 @ 3980 SL 3940 TGT 4040-4080.MCX
* Naturalgas trading range for the day is 150.3-165.3.
* Natural gas rose as investors covered short positions on expectations of above normal summer temperatures.
* Prices remained under pressure as near-record production and moderate weather this spring have allowed utilities to inject huge amounts of gas into stockpiles.
* U.S. dry natural gas production will rise to an all-time high of 90.60 billion cubic feet per day in 2019 from a record high of 83.40 bcfd last year.
* EIA also projected U.S. gas consumption would rise to an all-time high of 84.17 bcfd in 2019 from a record high 82.08 bcfd a year ago.
* BUY NAT GAS JUN 2019 @ 151.50 SL 150.00 TGT 153.00-156.00.MCX
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