Buy Crudeoil Jun 2021 @ 4840 SL 4780 TGT 4900-4940.MCX - Kedia Advisory
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CRUDE OIL
Crude oil trading range for the day is 4922-5092.
Crude oil gained amid optimism about increased energy demand, and on the decision of OPEC+ to gradually increase production.
The Organization of the Petroleum Exporting Countries and its allies agreed to gradually ease supply curbs through July.
Saudi Energy Minister Prince Abdulaziz bin Salman said that he expects oil demand in the U.S. and China to see a significant recovery
Kazakh oil output down 1% in May, still above OPEC+ quota
BUY CRUDEOIL JUN 2021 @ 4840 SL 4780 TGT 4900-4940.MCX
NATURAL GAS
Natural gas trading range for the day is 219.3-230.3.
Natural gas prices dropped on profit booking as weather was forecast to be warmer than previously expected over the next two weeks.
Traders also noted that output was on track to decline at the same time soaring global gas prices pushed U.S. exports to near record highs.
Data released by Baker Hughes showed, the total active U.S. rig count, including those drilling for natural gas, climbed by 2 to 457.
U.S. pipeline exports to Mexico, meanwhile, have averaged 6.0 bcfd so far in May, just off April's monthly record of 6.1 bcfd, Refinitiv data showed.
BUY NAT GAS JUN 2021 @ 218.00 SL 212.00 TGT 224.00-226.50.MCX
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