Crudeoil trading range for the day is 5750-5940 - Kedia Advisory
Crude oil
Observations
Crudeoil trading range for the day is 5750-5940
Crude oil dropped as weak economic data from China hurt thedemand.
IEA raised its forecasts for global demand on oil by 200 thousandbpd this year to a record 102 million bpd.
IEA says oil price downturn ignores looming supply crunch
Iraq does not expect OPEC+ to make further cuts at Junemeeting
Natural gas
Observations
Naturalgas trading range for the day is 187.6-207.6
Natural gas climbed on concerns over a decline in futureproduction
Data showed energy companies had cut down on the numberof rigs for drilling gas.
Average gas output in the U.S. Lower 48 states was 101.4 bcfd sofar in May.
Refinitiv forecasts that U.S. gas demand, would fall from 91.7bcfd this week to 89.0 bcfd next week.
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