Buy Crudeoil May 2021 @ 4700 SL 4620 TGT 4780-4840.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4520-4706.
Crude oil prices dropped as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that demand may slow.
Crude inventories rose by 594,000 barrels in the week to April 16 to 493 million barrels, compared with expectations for a 3 million-barrel drop.
OPEC+ heads for largely technical meeting next week
Libya's National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities
BUY CRUDEOIL MAY 2021 @ 4700 SL 4620 TGT 4780-4840.MCX
NATURAL GAS
Natural gas trading range for the day is 195.6-214.4.
Natural gas gained following the release of a government report showing a smaller-thanexpected storage build last week.
However upside seen limited on forecasts for milder weather in late April and early May than earlier expected.
The U.S. EIA said utilities added 38 bcf of gas into storage during the week ended April 16.
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.4 billion cubic feet per day (bcfd) so far in April
BUY NAT GAS APR 2021 @ 201.00 SL 197.00 TGT 205.00-208.00.MCX
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