U. S. crude futures ended more than 3 percent higher on Monday on growing economic recovery optimism after Wall Street rose on data showing the manufacturing sector in the United States shrank at a slower pace in July. U. S. natural gas futures rose more than 10 percent Monday, rallying to their highest level in more than six weeks amid stronger cash gas, higher crude futures and bullish weather patterns, traders said.

China's main ports received 25 percent more crude oil in July than a year earlier, signaling that total crude oil imports last month may have risen at the fastest pace in nearly two years to challenge record highs. The ports shipped in 16.27 million tonnes, or 3.83 million barrels per day (bpd), of imported crude oil in July, the Ministry of Transport said in a report.

The U. S. National Hurricane Center said Monday it did not expect any tropical development during the next 48 hours.

In the news Monday, the United States Natural Gas Fund, a giant exchange traded fund in the natural gas market, said it was still awaiting approval from the U. S. Securities and Exchange Commission to issue new shares.

A preliminary poll of analysts ahead of weekly inventory data showed forecasts for a 1.0 million barrel increase in crude stocks, a 1.1 million barrel gain in distillate supplies and a 1.6 million barrel drawdown in gasoline inventories.

Natural gas was up by 10% and it seems the worst is over. Prices are likely to trade on stronger footing. We recommend going long in Natural Gas. We may see profit taking in crude oil between $73-74 per barrel levels.