Buy Natural gas Jun 2022 @ 620.00 SL 600.00 TGT 655.00-675.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 8651-9503.
Crude oil dropped as investors reacted to headlines suggesting that OPEC is considering suspending Russia's participation in the cartel
Improved PMI data from China and signs of fewer Covid-19 infections in Beijing over the weekend also raised hopes that oil demand will pick up again in China.
In the US, the summer driving season kicked off at the weekend with retail gasoline prices at a record high.
OPEC+ is set to stick to its policy of modest output increases at its meeting on Thursday.
SELL CRUDEOIL JUN 2022 @ 9100 SL 9250 TGT 8850-8750.MCX
NATURAL GAS
Natural gas trading range for the day is 620.4-697.
Natural gas slid on forecasts for less demand over the next two weeks than previously expected.
That decline came even though U.S. power generators were forced to burn more gas for a second week in a row due to lower wind power.
EIA data showed US natural gas stocks rose by 80 billion cubic feet (bcf) last week
Data provider Refinitiv said average gas output in the U.S. Lower 48 states has climbed to 94.9 billion cubic feet per day (bcfd) so far in May
BUY NAT GAS JUN 2022 @ 620.00 SL 600.00 TGT 655.00-675.00.MCX
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