BUY Crude oIl May 2021 @ 4740 SL 4680 Tgt 4820-4860.Mcx
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CRUDEOIL
* Crude oil trading range for the day is 4507-4937.
* Crude oil dropped as concerns about the coronavirus crisis in India, tempered a rally driven by IEA and OPEC predictions
* Oil demand is already outstripping supply and the shortfall is expected to grow further even if Iran boosts exports, the International Energy Agency (IEA) said in its monthly report
* Colonial Pipeline slowly restarts as Southeast U.S. scrambles for fuel
* U.S. crude stockpiles fall, exports hit 2018 low -EIA
BUY CRUDEOIL MAY 2021 @ 4740 SL 4680 TGT 4820-4860.MCX
NATURAL GAS
* Natural gas trading range for the day is 214.2-222.
* Natural gas recovered losses following the release of a storage report showing a build last week that was lower than usual due to near record exports.
* Traders noted that price increase came despite a decline in exports this week, a small increase in output and forecasts for milder weather
* The U.S. Energy Information Administration (EIA) said U.S. utilities added 75 billion cubic feet (bcf) of gas into storage
* Gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May
BUY NAT GAS MAY 2021 @ 214.00 SL 209.00 TGT 220.00-224.00.MCX
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