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CRUDEOIL

Crude oil trading range for the day is 4614-4860.

Crude oil prices drifted lower as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia.

A drop in U.S. petroleum product supplies, signs of stronger demand for oil in the U.S. and some other big countries amid an improved outlook for Covid vaccinations supported oil prices.

Investment bank Goldman Sachs expects global oil demand to realize the biggest jump ever over the next six months as vaccination rates accelerate.

Citi expect vaccination campaigns in North America and Europe to boost oil demand to a record high of 101.5mbpd over the northern hemisphere summer months

SELL CRUDEOIL MAY 2021 @ 4700 SL 4780 TGT 4600-4540.MCX

NATURAL GAS

Natural gas trading range for the day is 212.1-222.5.

Natural gas climbed on forecasts for cooler weather and higher heating demand over the next two weeks than previously expected, record exports and a small decline in output.

Support also seen after a government report showed that US stockpiles increased more than expected last week.

EIA said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage during the week ended April 23

Data provider Refinitiv said gas output in the Lower 48 U.S. states slipped to an average of 91.3 billion cubic feet per day (bcfd) so far in April from 91.5 bcfd in March

BUY NAT GAS MAY 2021 @ 202.00 SL 196.50 TGT 208.00-210.80.MCX

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