* Crude oil trading range for the day is 2647-2809
* Crude oil gained with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.
* Under the OPEC+ plan agreed in April, the record supply cut was to be for May and June, scaling back to a cut of 7.7 million bpd from July through December U.S. crude oil inventories likely increased last week, while distillate stocks rose for a ninth straight week.
* Russian oil and gas condensate production fell to 39.7 million tonnes in May, near its target under a deal within the OPEC+ group.
CRUDEOIL JUN 2020 @ 2700 SL 2780 TGT 2580-2520.MCX
* Natural gas trading range for the day is 132-137.2
* Natural gas dropped as liquefied natural gas (LNG) exports continue to drop on record low gas prices in Europe and Asia.
* However upside seen limited as liquefied natural gas (LNG) exports continue to drop on record low gas prices in Europe and Asia.
* U.S. natural gas storage is expected to end the April-October injection season at a record 4.040 tcf around Oct. 31 U.S.
* natural gas prices at the Henry Hub benchmark in Louisiana in 2020 were expected to drop to their lowest since 1998.
BUY NAT GAS JUN 2020 @ 135.50 SL 131.00 TGT 139.50-142.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer