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CRUDEOIL

Crude oil trading range for the day is 4425-4761.

Crude oil dropped after diplomats said progress was made towards a deal to lift sanctions on Iran, which could boost crude supply.

OPEC+ compliance with oil production cuts in April at 113%, slightly below March

Concerns about the demand outlook in Asia also dragged prices down.

Swiss bank UBS said it expected oil inventories to fall to pre-COVID-19 levels by midyear with an oil price of $75 a barrel in the second half.

BUY CRUDEOIL JUN 2021 @ 4740 SL 4680 TGT 4820-4860.MCX

NATURAL GAS

Natural gas trading range for the day is 208.9-220.7.

Natural gas slipped on a bigger-than-expected weekly storage build, a gradual increase in output and a small decline in exports.

EIA said U.S. utilities added 71 billion cubic feet (bcf) of gas into storage during the week ended May 14.

U.S. pipeline exports to Mexico, meanwhile, averaged 6.0 bcfd so far in May, just off April's monthly record of 6.1 bcfd, Refinitiv data showed.

Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May, up from 90.6 bcfd in April

BUY NAT GAS MAY 2021 @ 214.00 SL 209.00 TGT 220.00-224.00.MCX

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