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CRUDEOIL

Crude oil trading range for the day is 5250-5720.

Crude oil dropped after reports that Saudi Arabia and UAE had reached a compromise over a global supply deal that will allow the UAE to boost its output.

The deal between the two Gulf producers means that members of OPEC+, will be able to extend a deal to curb output until the end of 2022.

Disagreement between OPEC's defacto leader Saudi Arabia and the UAE led to a collapse in talks last week on boosting production.

Data showed China's crude imports dropped by 3% from January to June compared with a year earlier, the first such contraction since 2013.

BUY CRUDEOIL JUL 2021 @ 5580 SL 5500 TGT 5665-5690.MCX

NATURAL GAS

Natural gas trading range for the day is 265.2-283.6.

Natural gas dipped on forecasts for a reprieve from hot temperatures, translating into potentially reduced gas usage for air conditioning.

Although losses were capped by lower production estimates.

Data provider Refinitiv said U.S. output in the Lower 48 states slipped to 91.4 billion cubic feet per day (bcfd) so far in July.

U.S. pipeline exports to Mexico, meanwhile, averaged 6.6 bcfd so far in July, down from a record 6.8 bcfd in June.

BUY NAT GAS JUL 2021 @ 272.50 SL 266.00 TGT 280.00-284.00.MCX

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