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CRUDEOIL

Crude oil trading range for the day is 7563-8297.

Crude oil gained supported by growing expectations the EU would move toward banning Russian crude imports.

However, concerns about outlook for demand due to the lockdown in China limited oil's uptick.

OPEC+ likely to raise June output by 432,000 bpd

Japan's March oil imports up 22.5% at 2.87 mln bpd

BUY CRUDEOIL MAY 2022 @ 7850 SL 7700 TGT 8050-8280.MCX

NATURAL GAS

Natural gas trading range for the day is 509.1-583.3.

Natural gas dropped on rising output as warmer weather in North Dakota unfroze wells and on forecasts for milder weather and lower demand

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 505.00 TGT 560.00-580.00.MCX

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