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CRUDEOIL

Crude oil trading range for the day is 4604-4882.

Crude oil prices gains with gains in equity markets and optimism over the pace of the economic recovery helping underpin sentiment.

Concerns over a disruption in the supply chain eased after the Colonial Pipeline Company announced that it was restarting pipeline operations

The IEA cut its global crude oil demand growth expectations for 2021, saying that the coronavirus crisis in many parts of Asia, particularly India

World oil supply rose 330 kb/d to 93.4 mb/d in April and will increase further in May as the OPEC+ alliance continues to ease output cuts.

SELL CRUDEOIL MAY 2021 @ 4720 SL 4810 TGT 4620-4560.MCX

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NATURAL GAS

Natural gas trading range for the day is 212.5-222.9.

Natural gas slipped as exports declined and production edged up, as well as on forecasts for mild weather and lower demand next week.

Price decline came even though the weather was expected to warm up in two weeks, which should prompt power generators to burn more gas

The U.S. Energy Information Administration (EIA) said U.S. utilities added 75 billion cubic feet (bcf) of gas into storage

Gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May

BUY NAT GAS MAY 2021 @ 216.00 SL 212.00 TGT 222.00-224.50.MCX

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