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CRUDEOIL

Crude oil trading range for the day is 4935-5123

Crude oil slipped as OPEC and allies geared up for a meeting on Wednesday amid calls from the United States to pump more crude

Prices were also under pressure from concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries.

Kazakhstan says it considers existing OPEC+ decision as sufficient to stabilise market

Japan's July oil imports fall 0.3% y/y to 2.08 mln bpd – METI

Buy Crude Oil Sep 2021 @ 5020 SL 4960 TGT 5120-5160.MCX

NATURAL GAS

Natural gas trading range for the day is 301.8-330.8

Natural gas rose in response to lowered production forecasts as traders monitored Hurricane Ida's impact on demand.

U.S. production is forecast to dip to 89.4 billion cubic feet per day (bcfd) this week from 92.5 bcfd last week

Data provider Refinitiv said total U.S. production has averaged 91.7 bcfd so far in August, versus 91.6 bcfd in July.

U.S. natural gas prices in 2021 at the Henry Hub benchmark in Louisiana will likely rise to their highest since 2014

BUY NAT GAS SEP 2021 @ 325.00 SL 318.00 TGT 332.00-335.00.MCX

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