Crudeoil trading range for the day is 4748-5160.
Crude oil dropped as raising OPEC output, and the reopening of terminals in Libya dented investor expectations for a global supply shortage.
Inventories of U.S. crude fell by 12.633 million barrels for the week ended July 6, confounding expectations for a draw of 4.489 million barrels
PEC forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to a market surplus returning.
Libyan oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following the port closures, the NOC said.
SELL CRUDEOIL JUL 2018 @ 4930 SL 4990 TGT 4870-4815.MCX
Naturalgas trading range for the day is 190.6-197.4.
Natural gas rose as production showed signs of slipping ahead of EIA storage report.
Prices could get a boost as Donald Trump shamed Germany for getting their natural gas from Russia.
The weather over the next 2-weeks is expected to be mixed with warm weather in both the east and west coasts, and normal weather in the mid-west.
Natural gas inventories are in the lower end of the 5-year range below the 5-year average but above the lower end of the range.
SELL NAT GAS JULY BELOW 193.50 SL ABV 196.20 TGT 191.20-188.80. MCX (STBT)
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