Buy Crudeoil Jun 2022 @ 9100 SL 8950 TGT 9350-9500.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 8828-9478.
Crude oil gains on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia.
U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said
US East Coast distillate stocks fall to lowest on record – EIA
U.S. oil output rises 3% in March to highest since November
BUY CRUDEOIL JUN 2022 @ 9100 SL 8950 TGT 9350-9500.MCX
NATURAL GAS
Natural gas trading range for the day is 628.8-695.2.
Natural gas slid on a slightly bigger than expected storage build and forecasts for lower demand next week than previously expected.
However, downside seen limited due to a drop in output, an increase in the amount of gas flowing to LNG export plants.
The U.S. EIA said utilities added 90 billion cubic feet (bcf) of gas to storage during the week ended May 27.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states fell to 94.5 billion cubic feet per day (bcfd) so far in June
BUY NAT GAS JUN 2022 @ 655.00 SL 635.00 TGT 685.00-700.00.MCX
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