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CRUDEOIL

Crude oil trading range for the day is 7304-8176.

Crude oil prices rose as the market weighed concerns over Russian supply and Chinese demand.

The prospect of supply tightness in the physical market related to the phasing out of Russian oil provided price support.

Kazakhstan restores crude output after CPC terminal repairs

U.S. crude stockpiles fell sharply due to a surge in exports to a more than a two-year high

BUY CRUDEOIL MAY 2022 @ 7650 SL 7520 TGT 7900-8050.MCX

NATURAL GAS

Natural gas trading range for the day is 525.6-560.

Natural gas jumped on expectations that recent declines in output will reduce the amount of gas utilities can inject into storage

Higher global prices have kept demand for U.S. liquefied natural gas (LNG) exports near record highs since Russia invaded Ukraine.

Average gas output in the U.S. Lower 48 states rose to 94.3 billion cubic feet per day (bcfd) so far in April from 93.7 bcfd in March.

Russia, the world's second biggest gas producer, provides about 30% to 40% of Europe's gas, totaling about 18.3 bcfd in 2021.

BUY NAT GAS MAY 2022 @ 525.00 SL 515.00 TGT 550.00-560.00.MCX

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