Crudeoil trading range for the day is 5680-6200 - Kedia Advisory
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Crude oil
Observations
Crudeoil trading range for the day is 5680-6200
Crude oil gains driven by investor expectations of an oil marketdeficit
Demand is expected to exceed supply by 2 million barrels perday in that period – IEA
The surprise increase in US crude inventories has introducedconcerns about higher supply levels and their potential impacton oil demand
Crude inventories rose by 5 million barrels in the last week to467.6 million barrels
Natural gas
Naturalgas trading range for the day is 188.2-205.8
Natural gas dropped due to warmer weather that has reduceddemand while supply has remained plentiful.
In Europe gas fell to a fresh near two-year low amid tepiddemand and strong supply
The gas rig count fell by 16 to 141 last week, the lowest sinceApril 2022
Average gas output in the US Lower 48 states held steady at arecord of 101.4 bcfd so far in May
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