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CRUDEOIL

Crude oil trading range for the day is 4971-5199.

Crude oil prices rose with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through.

About 79% of U.S. Gulf production remained offline, with 79 production platforms still unoccupied more than a week after Hurricane Ida made landfall.

Oil prices were also boosted by reports suggesting that there are pockets of robust demand emerging in some regions including Europe.

Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand

SELL CRUDEOIL SEP 2021 @ 5050 SL 5120 TGT 4965-4920.MCX

NATURAL GAS

Natural gas trading range for the day is 324.9-388.7.

Natural gas jumped driven by an expectations for higher demand due to warmer weather projections.

A slow return to production post Ida in the Gulf of Mexico was also driving the price rally.

U.S. Gulf Coast energy companies have advanced efforts to restart facilities, but larger hurdles remain for producers and refiners.

U.S. pipeline exports to Mexico rose to an average 6.3 bcfd so far this month, from 6.2 bcfd in August, but were slightly lower than June's monthly record of 6.7 bcfd

SELL NAT GAS SEP 2021 @ 340.00 SL 345.00 TGT 334.00-331.50.MCX

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