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Published on 3/06/2020 3:26:26 PM | Source: Kedia Advisory

CrudeOil JUN 2020 @ 2700 SL 2780 TGT 2580-2520.MCX - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Crude Oil

* 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

* 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

 

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