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CRUDEOIL

Crude oil trading range for the day is 5455-5741

Crude oil rose boosted by a tighter supply and firm demand outlook

Oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC forecast

OPEC also lowered its estimates for longer-term oil demand, citing changes to consumer behaviour brought about by the pandemic and competition from electric cars.

Nigeria and Angola will struggle to boost output to their quotas set by OPEC until at least next year due to underinvestment and maintenance problems

SELL CRUDEOIL OCT 2021 @ 5600 SL 5800 TGT 5500-5440.MCX

NATURAL GAS

Natural gas trading range for the day is 391.9-487.1.

Natural gas extended a rally on prospects of supply constraints ahead of the winter, despite warm autumn weather.

US production change averaged 46bcf per week in the summer, below 52bcf last year, amid uncertainties related to the pandemic.

At the same time, inventories in Europe are at historically low levels for this time of year.

Gas prices at record highs of around $29 per mmBtu in Europe and Asia versus just around $6 in the United States

BUY NAT GAS OCT 2021 @ 424.00 SL 415.00 TGT 440.00-452.00.MCX

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