Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices settled higher on Monday, supported by tight supply expectations after G7 vows new Russian sanctions.
Domestic crude oil futures also settled higher on Monday, tracking overseas prices.
The G7 nations are debating a global price cap for Russian oil that would curb Moscow's energy revenues and potentially limit its ability to fund its war against Ukraine.
However, U.S. gasoline and heating oil futures crashed on Monday pressured by slowdown in buying activity and higher oil prices.
Adding to the supply woes, Ecuador also said it could suspend oil production completely within 48 hours amid anti-government protests.
Libya said on Monday it might have to halt exports in the Gulf of Sirte area within 72 hours amid unrest that has restricted production.
OUTLOOK - Crude Oil
International prices have started higher on Tuesday morning in Asian trade after the UAE energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market.
Today's range for NYMEX August contract is $106.60-$111.54.
Today's range for BRENT September contract is $108.12-$112.86.
Domestic crude oil prices could start higher this Tuesday morning, tracking overseas prices.
Today's range for MCX July contract is 8425-8765.
RECAP - Natural gas
NYMEX Natural gas (NG) ended higher on Monday supported by hotter weather and higher demand.
Indian NG prices also ended higher on Monday, tracking firm overseas prices.
However, upside was capped as a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas continued.
OUTLOOK - Natural gas
NYMEX NG prices have started weaker this Tuesday morning in Asian trade as the focus will be on the bearish-trending fundamentals which are higher production, weaker LNG export volumes and seasonal temperatures.
Today's range for NG August contract is $6.210-$6.740.
Domestic NG prices could start weaker this Tuesday morning tracking a negative start in the overseas prices.
Today's range for NG June contract is 478.20-515.60.