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CRUDEOIL

Crude oil trading range for the day is 7790-8472.

Crude oil prices jumped as EU, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.

OPEC+ sees bigger 2022 surplus amid slower demand growth

OPEC chief says China lockdowns hitting oil demand

U.S. crude stocks fall 3.5 mln bbls last week – API

BUY CRUDEOIL MAY 2022 @ 8080 SL 8000 TGT 8250-8350.MCX

NATURAL GAS

Natural gas trading range for the day is 575.1-680.7

Natural gas jumped on prospects for increased demand for U.S. LNG exports, while warmer-than-usual weather forecasts could increase cooling demand.

There also are expectations that the United States is going to continue to export record amounts of LNG, further lending support to prices

The premium for futures for July over June rose to 11 cents per mmBtu, putting the spread on track to close at a record high for a third day in a row.

The U.S. Energy Information Administration (EIA) said utilities added 40 billion cubic feet (bcf) of gas to storage during the week ended April 22.

BUY NAT GAS MAY 2022 @ 620.00 SL 600.00 TGT 650.00-670.00.MCX

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