Buy Crudeoil May 2021 @ 4700 SL 4620 TGT 4780-4840.MCX - Kedia Advisory
CRUDEOIL
Crude oil trading range for the day is 4657-4819.
Crude oil settled lower amid concerns about rising COVID-19 infections in other major economies
But secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States.
Global oil demand and supply are set to be rebalanced in the second half of this year after the evaporation of demand in 2020 as the COVID-19 pandemic raged
.OPEC expects demand to rise by 70,000 bpd from last month’s forecast and global demand is likely to rise by 5.95 million bpd in 2021
BUY CRUDEOIL MAY 2021 @ 4700 SL 4620 TGT 4780-4840.MCX
NATURAL GAS
Natural gas trading range for the day is 196.8-203.2.
Natural gas rose on near-record liquefied natural gas (LNG) and pipeline exports and forecasts power generators will burn more gas next week.
That price increase came despite forecasts for milder weather through the start of May than previously expected.
The U.S. Energy Information Administration (EIA) said U.S. utilities added 61 bcf of gas into storage
German gas imports fall 5.7% in first two months of 2021
BUY NAT GAS APR 2021 @ 196.50 SL 192.00 TGT 202.50-206.00.MCX
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